Bloomberg (well, a fund manager quoted on Bloomberg):
“Those numbers are just unimaginable,” said Michael Obuchowski, chief investment officer at First Empire Asset Management, which has $4 billion under management, including Apple shares.
The company founded by late Silicon Valley titan Steve Jobs – who died in October after a years-long battle with cancer – smashed estimates on all its results including gross margin, which came in at 44.7 percent during the quarter.
Err, the FT:
Apple blasted past Wall Street expectations with record quarterly revenues of $46.3bn powered by the sale of 37m iPhone devices , giving the company nearly $100bn of cash in hand.
Look, we don’t want to spoil the party here, but two thoughts occur:
1. For all the talk of “allaying fears” over Tim Cook’s replacing Steve Jobs, it’s the first full quarter since Jobs died. Maybe a little early to get excited.
2. Does anyone remember Microsoft? That formerly superlative computer company that likes to lock users into its own proprietary ecosystem? Well, the backlash against Microsoft took a long, slow time to build, but it happened. Of course that wasn’t the only factor in its fall from grace — but the point is, there’s a precedent for big, highly profitable and hubris-pumped tech companies falling foul of consumers. The Register has been getting tetchy about various aspects of Apple strategy for years now, and where the avid geeks lead, in tech circles, everyone and their granny tends to follow. Except for that whole desktop Linux thing.
Plus, as Josh Brown notes, the shares didn’t move that much, considering earnings were nearly 40 per cent ahead of expectations.
Hey, we’re not the only ones saying this. Not quite.
(H/T Pragmatic Capitalism)
Okay. Deep breath. Fanboys, do your worst…