Apple ER highlight# Stock
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AAPL posts Jun-Q operating EPS of $1.85 vs. $1.28, beating our $1.84
estimate. Sales rose 33%,below our expectations, and we note Sep-Q guidance
of $49B-$51B compares to Capital IQ consensus of $51B. We negatively view
iPhone shipments of 47.5M, which was below our 52M expectation, but still
grew 35%. However, growth in China remained robust, with sales more than
doubling and comprising 27% of total revenue. We note iPad shipments fell 18
% (sales down 23%) while Mac shipments rose 9%. We remain wary on
challenging comparables and decelerating
growth in the coming quarters.
estimate. Sales rose 33%,below our expectations, and we note Sep-Q guidance
of $49B-$51B compares to Capital IQ consensus of $51B. We negatively view
iPhone shipments of 47.5M, which was below our 52M expectation, but still
grew 35%. However, growth in China remained robust, with sales more than
doubling and comprising 27% of total revenue. We note iPad shipments fell 18
% (sales down 23%) while Mac shipments rose 9%. We remain wary on
challenging comparables and decelerating
growth in the coming quarters.