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Strategies & Market Trends : Free Float Trading/ Portfolio Development/ Index Stategies

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To: dvdw© who wrote (3120)	1/27/2010 8:41:59 AM
From: dvdw©	of 3821

Here is one company recognizing the changes.....gets them out front.....provides a quick earnings boost as sales for SW are no longer constrained. Apple (AAPL 203.07) reported fiscal first quarter earnings and revenues that easily beat expectations on strong Mac sales. The company also issued upside guidance for the second quarter. Apple reported fiscal first quarter earnings of $3.67 per share, $1.60 better than the First Call consensus estimate of $2.07. Revenues rose 32.0% year-over-year to $15.68 billion, easily topping the $12.06 billion consensus estimate. Apple reported sales of 3.36 million Macs during the quarter, better than the Wall Street estimate of 3 million. Apple sold 21 million iPods (vs. Street estimate 22 million) and 8.7 million iPhones (vs. Street estimate of 9 million). Apple said that during the quarter it elected retrospective adoption of the Financial Accounting Standards Board's amended accounting standards related to certain revenue recognition. Adoption of the new accounting standards significantly changes how the company accounts for certain items, particularly sales of iPhone and Apple TV. The new accounting principles result in the company's recognition of substantially all of the revenue and product cost for iPhone and Apple TV when those products are delivered to customers. Under historical accounting principles, the company was required to account for sales of both iPhone and Apple TV using subscription accounting. Looking ahead to its fiscal second quarter, Apple said it expects earnings of $2.06 to $2.18 per share, well ahead of the current consensus estimate of $1.77. Apple expects Q2 revenues to range from $11.0 billion to $11.4 billion; the consensus estimate calls for $10.37 billion.

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