iMore show 386: Apple Q1 2014 analysis

Chris Umiastowski talks to Rene about Apple’s Q1 2014 earnings, including 51 million iPhones, 26 million iPads, 4.8 million Macs sold, Wall Street’s reaction, Apple’s guidance, and where they go from here!

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Rene Ritchie

EiC of iMore, EP of Mobile Nations, Apple analyst, co-host of Debug, Iterate, Vector, Review, and MacBreak Weekly podcasts. Cook, grappler, photon wrangler. Follow him on Twitter and Google+.

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iMore show 386: Apple Q1 2014 analysis


This whole reaction is due to 2 factors: the weak guidance and the drop in year-over-year revenue in the Americas. Yes, the Americas, where the rich folks live and the economy is improving nicely. The 5S vs 5C is a canard, sales were not lost here and in fact only helped the mix which helped margins.

Yes, the carrier move to 24 month from 18 month is a factor. However, don’t think carriers will give up on the iPhone as the next method for carriers to increase revenues is for charging more for data, and iPhone users are more engaged and consume more data. Therefore, carriers will still want to support iPhone to keep the customers who consume more data as long as they can soon convert that to revenue.

RE: Opex: The R&D costs did increase by an unexpected amount. Opex was 7.1% of sales last Q1, while 7.6% this Q1.

Note: The larger amount of deferrals was well covered in the previous conference call so this should not be a surprise in any way.
PO: “sequentially greater unit volume expectations in the December quarter will result in about a $900 million sequential increase in the net amount of revenue deferred for software upgrade rights "

I'm getting a 404 Not Found error whenever I try to download the video from the link. Please check. Thanks!

I'm not qualified to properly construe the data coming off of these Q1 earnings, but I'm really skeptical of the analysis given here. It's imprecise, poorly reasoned and unnecessarily protective of apple. iMore can do better.

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You might not believe this, but I hate to complain about something for free..... But I'm going to do it anyway, lol. I like the content most of the time of the podcasts but I find the quality really lacking.

Audio - I'm begging you, if you're going to do podcasts please get a system that allows the host and guests audio to come through clear, somewhat clear.... Rene your audio is usually good, the co-hosts and guests sound really bad most of the time. I like that there's no sponsors in the podcasts but if thats what you need to get a better audio setup I wouldn't mind that.