A Summary of Some Highlights from Apple's Q3 Earnings Call

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Below are some highlights from Apple's
AAPL
Q3 earnings conference call:
  • CFO Peter Oppenheimer said channel inventories declined $1B QoQ, but rose YoY
  • sell-though increased in June quarter
  • iPhone 5 remains the most popular iPhone
  • Apple has ~11M iPhone units of inventory, equals ~4-6 weeks
  • iPhone holds 62.5 percent share in US market
  • tough iPad sales were harmed by inventory boost last year
  • Macs gained market share YoY
  • New Macbook Pro to be released next month
  • iOS 7 to be available in fall, will contain a new version of Safari
  • cash at quarter end was $11.248B
  • concluded accelerated buyback, has retired over 400M shares
  • Oppenheimer said "we are on track to have a very busy fall"
  • Tim Cook says new products are always looked at as possibilities, "sees opportunities through distribution"
  • Cook sees many enterprise opportunities for iPad, iPhone
  • Cook does not believe the high-end smartphone market has peaked
  • iPad unit sales were at midpoint of co.'s internal estimates
  • iPad accounts for 80 percent of tablet web traffic
  • gross margin was at top end of guided range
  • average selling price for iPhone was down 4 percent, or about $27 given product mix, emerging markets pricing, forex effects
  • Cook called developed markets strong, China weak
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Posted In: EarningsNews
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