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Technology Stocks : Smartphones: Symbian, Microsoft, RIM, Apple, and Others

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To: sylvester80 who wrote (1450)	8/31/2012 8:46:14 AM
From: Eric L	of 1647

Apple's Channel Inventory: A Correction .. "Apple's end of Q2 inventory: 8.6mil ... Apple's end of Q3 inventory: 8.3 mil ... Apple's Q3 sale in to channel: 26.03 mil ... Gartner's sell through: 28.94mil ... Where did the extra 2.61 mil come from?" In re my prior post. My bad. I didn't realize or had forgotten that Apple has in fact been reporting their measure of channel inventory (CI), not their own inventory for each of their product lines including iPhones and translating that into weeks ("days") of inventory within a target range, for some time. Looking back at their reported data (after I completed the errant prior post, your numbers are accurate for what they reported in FQ2 and FQ3, and so is your definition of channel inventory. The difference between Apple's starting CQ2 CI + CQ2 SI and CQ2 ending CI and Gartner's estimate of Apples CQ2 sell out, is a variance between Apple's reported apple and Gartner's orange. Apple's CQ2 ending CI which was slightly reduced from CQ1 CI is the result of what 'over 230' carrier customers drew down from their CQ1 ending inventory plus what they and some 20 additional carriers sold out from Apple's CQ2 billed shipments when the existing carriers restocked and initial stock was received by the expanded distributor base. Going back to your original question ... "So Gartner sell through is 2.91 mil higher than Apple's sell in number but Apple channel inventory between Apple's Q2 and Q3 only goes down by 300,000? Could that be correct?" It could be correct. While Apple's unit sales (sell-in) is an actual figure subject to audit, Gartner's sell-through is estimated from some combination of their own channel checks and no doubt Apple's Q3 publicly or privately supplied data. - Eric -

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