q2 2013

Wall Street vs. sanity: Painting a clearer picture of AAPL

In the few days that have passed since Apple’s latest quarterly results, people can’t seem to stop writing about the so-called stalled growth and “margin collapse” that hit the company. Ok, the term “collapse” is excessively stupid (you know who you are, stop it). Apple’s revenue is still growing, but profitability is down year over year. The profit decline is due to undeniably lower gross margin. But what does that mean?

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Q2 2013 and investing in Apple

On Tuesday Apple reported a pretty solid set of financial results for Q2 fiscal 2013. Revenue was $43.6 billion, which is up 11% year over year. But it’s also fair to point out that earnings were down year over year. In fact Apple posted EPS of $10.09 which is a decline from $12.30 last year.

There are plenty of industry observers and stock market pundits who are pointing out that “Apple is not a growth company anymore”. Factually, I think it’s better to say that Apple did not achieve earnings growth this quarter. They did achieve revenue growth (and quite reasonable growth), but they didn’t grow the bottom line.

Question is - can they get back to delivering growth? I think they can and I think they will. Let’s remember this is a long term game.

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Tim Cook teases "exciting new product categories" for this fall and 2014

Apple's quarterly conference calls are always full of enlightening snippets of information, and the call following the release of the second quarter of 2013 financial results was no exception. In addition to revealing explosive growth in China, aggressive iPhone 4 pricing in developing markets, and that there are still trade-offs that would exist were Apple to hypothetically make a hypothetical iPhone with a screen of some size hypothetically larger than the 4 inches of the current iPhone 5, Cook hinted that Apple is investing in "the potential of exciting new product categories" and that Apple might be announcing new products in the fall.

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Apple won't make a larger screen iPhone while trade-offs exist

There's been rampant speculation, rumor mongering, and punditing that Apple must be, has to, is, or really should be making an even larger iPhone. Recall that from the original iPhone launch in 2007 up to the iPhone 4S of 2011, the screen size was a steady and unchanging 3.5-inches. Then with the iPhone 5 in September of 2012, Apple jumped to 4 inches while much of the rest of the smartphone industry was powering on to 5 inches and beyond. Heck, just two weeks ago Samsung announced a pair of new Android-powered smartphones with 5.8-inch and 6.3-inch screens.

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Apple releases Q2 2013 results: 37.4 million iPhones, 19.5 million iPads and $43.6 billion in revenue

Apple announces Q2 2013 Financial Results

Apple today announced their financial results for the second quarter of fiscal year 2013 (the months of January, February, and March). Apple brought in $9.5 billion in profit off of $43.6 billion in revenue. In previous years Apple offered conservative guidance on revenue and profits, though recently they made the switched to publishing a range into which they realistically expect the fiscal results to fall. And Apple's results easily fell within that range.

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Apple financial results and conference call today 2pm PDT, 5pm EDT

Apple is set to release their Q2 2013 financial results, and conduct their usual conference call, today at 2pm PDT, 5pm EDT. Most times the only news we get out of it is how many more billions Apple made, and what kind of shots Tim Cook took at competitors and analysts asking about TVs for the umpteenth time. Today's narrative will, of course, be focused -- or unfocused -- around Apple is doomed.

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