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Technology Stocks : Apple Inc.
AAPL 278.06-0.2%Dec 11 3:59 PM EST
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To: pyslent who wrote (148139)1/13/2013 1:26:01 PM
From: rnsmth  Read Replies (2) of 213176
 
I do not think it would be surprising in the first full quarter of the iPhone 5. I do not think the GM for the iPhone 5 will be as high as it was in the last quarters of a two year run with the same form factor (iPhone 4 and 4S).

In other words, the first full quarter of iPhone 5 production and sales will also feature the lowest iPhone 5 GM that we will see. I am looking for 38.5-39.5% GM, or at least 250 basis points above Apple's guidance.

Here is what Apple reported for its Q4 gross margins

Total Company gross margin was 40%, which was a 150 basis points higher than our guidance. About half of this difference was due to better than expected commodity and other costs. Another (quarterly) difference was due to leverage on higher than expected sales and more favorable foreign exchange. The remainder was due to some items that we do not expect to recur in the December quarter.
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