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Technology Stocks : Apple Inc.
AAPL 259.95-0.4%Jan 14 3:59 PM EST
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From: Moonray1/28/2014 6:15:31 AM
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APPLE TANKS AFTER WHIFFING ON IPHONE SALES

Apple fell over 8% in after-hours trading after earnings results disappointed investors.

Cook was asked if he was worried that Apple is only growing at a single digit rate compared to the
overall smartphone market which is up double digits. He said that the important thing for Apple is to
grow in emerging markets, and it is. He rattled off the following growth numbers:
Latin America was up 76% year over year
The Middle East/Africa was up 65%
Central/Eastern Europe was up 115%
China was up 20%
Japan was up 40%

iPhone sales weren't the only thing that were a let down. The company's guidance was also well below
expectations: mid-point was $43 billion versus analysts expecting $45.74 billion for next quarter. At $43
billion, Apple would have a year-over-year drop in revenue in the March quarter.

On the call, Apple attributed the guidance to four things:

Channel inventory increases for the iPhone and iPad in the December quarter of 2013 versus 2013.
iPod sales declined by 52% in the December quarter, and they're expect to decline in March quarter.
Foreign exchange issues against the dollar (especially Japan).
Higher per-unit revenue deferral rates.

Here's all the most important numbers versus expectations:

Revenue: $57.6 billion versus $57.43 billion expected by sell-side and $58 billion expected by buy-side analysts
EPS: $14.50 versus $14.08 expected by sell-side analysts and $14.35 expected by buy-side analysts
iPhone units: 51 million versus 54.7 million expected by sell-side analysts and 56-57 million expected by buy-side analystsi
Pad units: 26 million versus 25 million expected by sell-side analysts and 24-25 million expected by buy-side analysts
iPod units: 6 million versus 8 million expected by sell-side analysts
Mac units: 4.8 million versus 4.6 million expected by buy-side analysts
March quarter revenue: $42-$44 billion versus $45.74 billion expected by sell-side analysts

Other numbers:

iPhone ASP: $637, which is way up, sequentially. Last quarter, iPhone ASP was $577.
iPad ASP: $441, about the same as last quarter when it was $439
Cash: $159 billion, up from $147 billion last quarter.

More at: finance.yahoo.com

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