Q1 2012 Earnings Release Roundup
- Press Release – Including basic guidance for Q2. ($32bn sales Earnings per share $8.50)
- SEC Filing – Includes Product unit sales numbers
- Conference call
- Transcript of conference call (excludes the Q & A session)
- The “Streets” initial reactions
- 8.00pm Update – SigFig’s Infographic on the results
We’re not going to apologise for our estimates, apart from the iPhone volumes, which like many others we severely underestimated! Taking into account their Q2 guidance we are currently vacillating between 25mn & 30mn iPhone sales. It’s just as well that Tim Cook’s “also a manufacturing guru and a master of managing the supply chain” Amber Tate
Possibly a classic comment from Apple’s CFO Peter Oppenheimer, concerning their cash mountain of $97.6bn was we believe “ ……. we continue to be very disciplined with the cash and are not letting it burn a hole in our pockets”. There were then many questions (and answers) in the Q & A session concerning its use. Our guess is that they will try to directly improve their p/e ratio & hence stock value. This might be achieved by dividends (the last one it made was in 1995) but hopefully not by any share buy back programmes or huge acquisitions.
China was also a major topic in the Q & A session.
We have no position in Apple Inc.