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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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