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Andrian Georgiev, a reporter from the Bulgarian business newspaper “Capital weekly” wrote an article for which he asked me some questions. My answers are below. The article is available here (Bulgarian). Q: How many…
Category
Research
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The trouble with halos
The Mac grew at 28% while the overall PC market contracted at 3%. The Mac has outperformed the PC market overall for 20 consecutive quarters. Prices increased sequentially and year-to-year. I’ve mentioned the increasing…
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Combating superlatives fatigue
The following chart shows Apple’s growth for net sales and earnings over the last few years. I’ve used a grading system with color coding to show bands of growth. It’s easy to become de-sensitized to the scope of these…
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Windows generates less than a third the profit of iOS + OS X
While a lot of the credit for Apple’s success is rightfully assigned to the iOS franchises, the OS X business has more than quadrupled in five years. This has happened without drastic price fluctuations. Neither holds…
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The market values Apple's balance sheet, not its income statement
As I have tediously repeated in this blog, Apple’s share price has been de-coupled from its earnings for many years. Consistent earnings growth above 70% is not seen as valuable. As the chart below shows, there is no…
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When exceptional growth is not an exception
Apple’s last quarter’s sales growth was an impressive 83%. It was not as high as the 92% earnings rise because there was a higher mix of iPhones this quarter than in the past. The iPhone is the most profitable product in…
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The Apple Growth Scorecard
Apple’s revenue for the first quarter was $24.7 billion, which at 83% was the largest quarterly revenue growth they ever experienced. Operating margin was an all-time high of almost $7.9 billion, representing 31.9% of…
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If Cash is King, Apple's is an Emperor [Updated]
Apple’s cash for short-term and long-term marketable securities totaled $65.8 billion at the end of the March quarter. Cash increased by $6.1 billion. The increase in cash is net of approximately $900 million for…
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The iPad slowdown and impact from the Japanese disaster
Tim Cook explains that there was no material impact from the Japanese disaster: “Regarding our global supply chain, as a result of outstanding teamwork and unprecedented resilience of our partners, we did not have any…
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Estimates for Apple's third fiscal quarter (ending June)
Apple’s CFO guidance statement: We expect revenue to be about $23 billion compared to $15.7 billion in the June quarter last year. We expect gross margin to be about 38%, reflecting approximately $55 million related to…