My Patrix site
The other tablets
Analysts have to count things in order to measure value. It sounds easy but it can be tricky. As I pointed out with PCs vs. iPads, if you count an iPad as a PC you can get into a lot of trouble with your clients. But if…
Category
Research
-
-
A tale of two disruptions
Last quarter the iPad had unit growth of 166% with revenue growth of 146%. The iPad is selling more than twice the (also rapidly growing) Mac. The two product lines are shown below: A big reason the Mac is still growing…
-
Putting capital to work
Apple’s Cash and Marketable Securities has been the focus of attention for many year now. It has now reached $81.6 billion equivalent to a value of $86.8 per diluted share. Currently each share is worth about $393 making…
-
The growth surprise in Apple retail
In Apple: For What It’s Worth Jeff Matthews asks a question “about the most disturbing pattern coming out of Apple’s earning release: the measly 1% year/year revenue increase at Apple’s retail stores”. He notes that…
-
Are Apple’s investments in PP&E extraordinary?
In his recent posts Horace took a look at Apple’s fixed assets and their development over the recent years. He also tested the hypotheses that Apple is making investments into machinery & equipment on which iOS devices…
-
How did I get the iPhone number so wrong (part II)
Last quarter I was wrong because I thought Apple would throttle production of the iPhone 4 in the fourth quarter post-launch. “The reason growth would moderate was that Apple slowed production of the old model in order…
-
Clayton Christensen and Siri
At the Open Source Business Conference in March 2004 Clayton Christensen gave a presentation. It’s available as an audio file for download here: Clayton Christensen | Capturing the Upside. I strongly recommend listening…
-
How much do Apple's factories cost?
In the last two posts (How much does an Apple store cost?, The down payment on iCloud) I discussed two line items in the PP&E asset class on Apple’s Balance Sheet. In isolation, the data is interesting as it gives us an…
-
How much does an Apple store cost?
Apple loves to talk about its stores. They do it in every conference call, keynote event and SEC filing. There is a monotony with the repetition of how many they have and how many they are building and how pretty they…
-
The down payment on iCloud
Balance Sheets are not typical targets of focus in software or services or “high tech” companies. Except for Cash, there are usually not much in terms of assets for analysts to contemplate. With outsourced manufacturing,…