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The TUAW Daily Update Podcast for July 23, 2014
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get some the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the player at the top of the page. Be sure that your podcast software is set up to subscribe to the new feed in the iTunes Store here.
Apple reports record iPhone and iPad sales with fiscal Q1 2014 results
Apple's earnings are in, and as expected the company got a nice boost in sales over the holidays. We're talking 51 million iPhones sold -- an all-time quarterly record -- up from 47.8 million during the same quarter last year. It's unclear just how the iPhone sales break down between the iPhone 5c and 5s models, as Apple didn't offer those numbers. iPad sales reached a record quarterly high as well, at 26 million up from 22.9 million during the same year-ago quarter. Profit, meanwhile, comes in at $13.1 billion, showing no change year-over-year. Mac sales are also up; with a jump to 4.8 million from 4.1 million in the year-ago quarter. Also record-setting was Cupertino's reported quarterly revenue of $57.6 billion. Apple's board of directors has also announced that shareholders will receive a $3.05 cash dividend per share early next month. If Apple took a huge hit anywhere, though, it's with iPods. Year-over-year sales are down a whopping 52 percent, with revenue down 55 percent. Those figures suggest that the more expensive iPod models took the hardest hit. That ugly stat aside, there are plenty of positive numbers this time around. As always, we'll be listening in on Apple's earnings conference call, so stay tuned.
Apple announces Q3 2013 financial results
Today, Apple announced its quarterly earnings for Q3 2013. In this latest quarter, Apple recorded revenue of US$35.3 billion and quarterly net profit of $6.9 billion. International sales accounted for more than half (57 percent) of the quarter's revenue. In all, Apple sold 31.2 million iPhones, up 20 percent year over year. The company also sold 14.6 million iPads and 3.8 million Macs in the quarter. These two numbers are down from the same quarter last year when Apple sold 17 million iPads and 4 million Macs. We'll be starting our liveblog at 4:50 PM ET. Join us! Show full PR text Apple Reports Third Quarter Results Sales of 31 Million iPhones Set New June Quarter Record CUPERTINO, Calif.--(BUSINESS WIRE)--Apple® today announced financial results for its fiscal 2013 third quarter ended June 29, 2013. The Company posted quarterly revenue of $35.3 billion and quarterly net profit of $6.9 billion, or $7.47 per diluted share. These results compare to revenue of $35 billion and net profit of $8.8 billion, or $9.32 per diluted share, in the year-ago quarter. Gross margin was 36.9 percent compared to 42.8 percent in the year-ago quarter. International sales accounted for 57 percent of the quarter's revenue. "Management's Discussion and Analysis of Financial Condition and Results of Operations" The Company sold 31.2 million iPhones, a record for the June quarter, compared to 26 million in the year-ago quarter. Apple also sold 14.6 million iPads during the quarter, compared to 17 million in the year-ago quarter. The Company sold 3.8 million Macs, compared to 4 million in the year-ago quarter. Apple's Board of Directors has declared a cash dividend of $3.05 per share of the Company's common stock. The dividend is payable on August 15, 2013, to shareholders of record as of the close of business on August 12, 2013. "We are especially proud of our record June quarter iPhone sales of over 31 million and the strong growth in revenue from iTunes, Software and Services," said Tim Cook, Apple's CEO. "We are really excited about the upcoming releases of iOS 7 and OS X Mavericks, and we are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014." "We generated $7.8 billion in cash flow from operations during the quarter and are pleased to have returned $18.8 billion in cash to shareholders through dividends and share repurchases," said Peter Oppenheimer, Apple's CFO. Apple is providing the following guidance for its fiscal 2013 fourth quarter: • revenue between $34 billion and $37 billion • gross margin between 36 percent and 37 percent • operating expenses between $3.9 billion and $3.95 billion • other income/(expense) of $200 million • tax rate of 26.5% Apple will provide live streaming of its Q3 2013 financial results conference call beginning at 2:00 p.m. PDT on July 23, 2013 at www.apple.com/quicktime/qtv/earningsq313. This webcast will also be available for replay for approximately two weeks thereafter.
Daily Update for April 24, 2013
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get all the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the inline player (requires Flash) or the non-Flash link below. To subscribe to the podcast for daily listening through iTunes, click here. No Flash? Click here to listen. Subscribe via RSS
More realistic guidance from Apple results in better analyst estimates
Apple 2.0's Philip Elmer-DeWitt put it the best in the subhead for his Apple Earnings Smackdown article this morning when he said "Apple management may have found a way to tame the wild beasts of Wall Street." What he was referring to was the fact that most Wall Street analysts were actually quite close on their estimates of how Apple performed in the second quarter of its fiscal year, thanks to new guidance rules that had been announced by CFO Peter Oppenheimer in January. The Smackdown is a quarterly roll call of analyst estimates and how well various institutional and independent analysts fared in their educated guesses of Apple performance. On the Q1 2012 earnings call, Oppenheimer stated that the company would no longer give analysts conservative forecasts, or as Elmer-DeWitt put it: "Rather than tell them what the company was reasonably confident it could achieve the following quarter, it would offer a range of guidance that reflected what it believed it was likely to achieve (emphasis is Elmer-DeWitt's)." Oppenheimer's pronouncement appears to have been embraced by the financial wizards, as 26 of 62 analysts picked the March quarter revenue and earnings within 2.5 percent. That's a vast improvement over the 2011 estimates for the same quarter that were off by a combined average of 11 percent. And while independent analysts used to do a much better job of making accurate estimates than the pros, the difference was essentially non-existant this time around. Perhaps between better guidance from Apple, closer estimates by analysts and the company's agressive dividend payout and stock repurchase plans, Apple CEO Tim Cook and Oppenheimer may have developed a method to sooth the nerves of Wall Street and hopefully halt the recent slide in the value of the company's share price.
The Daily Roundup for 02.01.2013
You might say the day is never really done in consumer technology news. Your workday, however, hopefully draws to a close at some point. This is the Daily Roundup on Engadget, a quick peek back at the top headlines for the past 24 hours -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
The Weekly Roundup for 01.21.2013
You might say the week is never really done in consumer technology news. Your workweek, however, hopefully draws to a close at some point. This is the Weekly Roundup on Engadget, a quick peek back at the top headlines for the past 7 days -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
Daily Update for January 24, 2013
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get all the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the inline player (requires Flash) or the non-Flash link below. To subscribe to the podcast for daily listening through iTunes, click here. No Flash? Click here to listen. Subscribe via RSS
Apple to add 36 new LTE carriers
According to an announcement made by Apple CEO Tim Cook during yesterday's Q1 2013 earnings call, next week will be an auspicious one for users of iOS devices that support the fast LTE mobile data standard. During the week, 36 wireless carriers worldwide will be added to the 24 already providing LTE support for the iPhone 5, third- and fourth-generation iPad and iPad mini. Those carriers, according to Cook, are in "countries that were previously not supporting LTE." The rollout will provide LTE service to over 300 million subscribers in Italy, Switzerland, Denmark, several Middle Eastern countries and more. Up until this time, owners of iOS devices supporting the LTE standard have not been able to take advantage of the fast connection speeds. The news may provide solace to Wall Street analysts, who were concerned that support for iPhone LTE coverage had been slow in coming.
Apple's iCloud user base breaks 250 million
During yesterday's Q1 2013 earnings call, Apple CEO Tim Cook mentioned several times that the iCloud storage service now has more than 250 million users. That's not particularly surprising, since signing up for a free iCloud account is part of the setup process when you purchase any new Apple product. What is surprising is how quickly the service has grown, jumping from 85 million in January of 2012 to triple that number in 2013. The company is investing in the data centers used for iCloud. Part of the discussion with analysts yesterday afternoon dealt with capital expenditures, with Apple planning to spend money on three primary targets -- retail stores, equipment for suppliers and data centers.
The Daily Roundup for 01.23.2013
You might say the day is never really done in consumer technology news. Your workday, however, hopefully draws to a close at some point. This is the Daily Roundup on Engadget, a quick peek back at the top headlines for the past 24 hours -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
Apple announces Q1 2013 financial results
Apple has announced its Q1 2013 earnings. For the quarter that ended on December 31, 2012, the news is outstanding, with a record revenue of more than $54 billion and sales of more than 75 million iOS devices. In all, 47.8 million iPhones were sold in the quarter, as well as 22.9 million iPads and 4.1 million Macs. We'll be starting our liveblog at 4:50 PM ET here. Join us! Show full PR text Apple Reports Record Results 47.8 Million iPhones Sold; 22.9 Million iPads Sold CUPERTINO, Calif.--(BUSINESS WIRE)--Apple® today announced financial results for its 13-week fiscal 2013 first quarter ended December 29, 2012. The Company posted record quarterly revenue of $54.5 billion and record quarterly net profit of $13.1 billion, or $13.81 per diluted share. These results compare to revenue of $46.3 billion and net profit of $13.1 billion, or $13.87 per diluted share, in the 14-week year-ago quarter. Gross margin was 38.6 percent compared to 44.7 percent in the year-ago quarter. International sales accounted for 61 percent of the quarter's revenue. "We're thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter" Average weekly revenue was $4.2 billion in the quarter compared to $3.3 billion in the year-ago quarter. The Company sold a record 47.8 million iPhones in the quarter, compared to 37 million in the year-ago quarter. Apple also sold a record 22.9 million iPads during the quarter, compared to 15.4 million in the year-ago quarter. The Company sold 4.1 million Macs, compared to 5.2 million in the year-ago quarter. Apple sold 12.7 million iPods in the quarter, compared to 15.4 million in the year-ago quarter. Apple's Board of Directors has declared a cash dividend of $2.65 per share of the Company's common stock. The dividend is payable on February 14, 2013, to shareholders of record as of the close of business on February 11, 2013. "We're thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter," said Tim Cook, Apple's CEO. "We're very confident in our product pipeline as we continue to focus on innovation and making the best products in the world." "We're pleased to have generated over $23 billion in cash flow from operations during the quarter," said Peter Oppenheimer, Apple's CFO. "We established new all-time quarterly records for iPhone and iPad sales, significantly broadened our ecosystem, and generated Apple's highest quarterly revenue ever." Apple is providing the following guidance for its fiscal 2013 second quarter: • revenue between $41 billion and $43 billion • gross margin between 37.5 percent and 38.5 percent • operating expenses between $3.8 billion and $3.9 billion • other income/(expense) of $350 million • tax rate of 26% Apple will provide live streaming of its Q1 2013 financial results conference call beginning at 2:00 p.m. PST on January 23, 2013 at www.apple.com/quicktime/qtv/earningsq113. This webcast will also be available for replay for approximately two weeks thereafter. This press release contains forward-looking statements including without limitation those about the Company's estimated revenue, gross margin, operating expenses, other income/(expense), and tax rate. These statements involve risks and uncertainties, and actual results may differ. Risks and uncertainties include without limitation the effect of competitive and economic factors, and the Company's reaction to those factors, on consumer and business buying decisions with respect to the Company's products; continued competitive pressures in the marketplace; the ability of the Company to deliver to the marketplace and stimulate customer demand for new programs, products, and technological innovations on a timely basis; the effect that product introductions and transitions, changes in product pricing or mix, and/or increases in component costs could have on the Company's gross margin; the inventory risk associated with the Company's need to order or commit to order product components in advance of customer orders; the continued availability on acceptable terms, or at all, of certain components and services essential to the Company's business currently obtained by the Company from sole or limited sources; the effect that the Company's dependency on manufacturing and logistics services provided by third parties may have on the quality, quantity or cost of products manufactured or services rendered; risks associated with the Company's international operations; the Company's reliance on third-party intellectual property and digital content; the potential impact of a finding that the Company has infringed on the intellectual property rights of others; the Company's dependency on the performance of distributors, carriers and other resellers of the Company's products; the effect that product and service quality problems could have on the Company's sales and operating profits; the continued service and availability of key executives and employees; war, terrorism, public health issues, natural disasters, and other circumstances that could disrupt supply, delivery, or demand of products; and unfavorable results of other legal proceedings. More information on potential factors that could affect the Company's financial results is included from time to time in the "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" sections of the Company's public reports filed with the SEC, including the Company's Form 10-K for the fiscal year ended September 29, 2012, and its Form 10-Q for the quarter ended December 29, 2012 to be filed with the SEC. The Company assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates. Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and is defining the future of mobile media and computing devices with iPad. NOTE TO EDITORS: For additional information visit Apple's PR website (www.apple.com/pr), or call Apple's Media Helpline at (408) 974-2042. © 2013 Apple Inc. All rights reserved. Apple, the Apple logo, Mac, Mac OS and Macintosh are trademarks of Apple. Other company and product names may be trademarks of their respective owners. Apple Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except number of shares which are reflected in thousands and per share amounts) Three Months Ended December 29, 2012 December 31, 2011 Net sales $ 54,512 $ 46,333 Cost of sales (1) 33,452 25,630 Gross margin 21,060 20,703 Operating expenses: Research and development (1) 1,010 758 Selling, general and administrative (1) 2,840 2,605 Total operating expenses 3,850 3,363 Operating income 17,210 17,340 Other income/(expense), net 462 137 Income before provision for income taxes 17,672 17,477 Provision for income taxes 4,594 4,413 Net income $ 13,078 $ 13,064 Earnings per share: Basic $ 13.93 $ 14.03 Diluted $ 13.81 $ 13.87 Shares used in computing earnings per share: Basic 938,916 931,041 Diluted 947,217 941,572 Cash dividends declared per common share $ 2.65 $ 0 (1) Includes share-based compensation expense as follows: Cost of sales $ 85 $ 63 Research and development $ 224 $ 160 Selling, general and administrative $ 236 $ 197 Apple Inc. UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except number of shares which are reflected in thousands) December 29, 2012 September 29, 2012 ASSETS: Current assets: Cash and cash equivalents $ 16,154 $ 10,746 Short-term marketable securities 23,666 18,383 Accounts receivable, less allowances of $119 and $98, respectively 11,598 10,930 Inventories 1,455 791 Deferred tax assets 2,895 2,583 Vendor non-trade receivables 9,936 7,762 Other current assets 6,644 6,458 Total current assets 72,348 57,653 Long-term marketable securities 97,292 92,122 Property, plant and equipment, net 15,422 15,452 Goodwill 1,381 1,135 Acquired intangible assets, net 4,462 4,224 Other assets 5,183 5,478 Total assets $ 196,088 $ 176,064 LIABILITIES AND SHAREHOLDERS' EQUITY: Current liabilities: Accounts payable $ 26,398 $ 21,175 Accrued expenses 13,207 11,414 Deferred revenue 7,274 5,953 Total current liabilities 46,879 38,542 Deferred revenue – non-current 2,938 2,648 Other non-current liabilities 18,925 16,664 Total liabilities 68,742 57,854 Commitments and contingencies Shareholders' equity: Common stock, no par value; 1,800,000 shares authorized; 938,973 and 939,208 shares issued and outstanding, respectively 17,167 16,422 Retained earnings 109,567 101,289 Accumulated other comprehensive income 612 499 Total shareholders' equity 127,346 118,210 Total liabilities and shareholders' equity $ 196,088 $ 176,064 Apple Inc. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Three Months Ended December 29, 2012 December 31, 2011 Cash and cash equivalents, beginning of the period $ 10,746 $ 9,815 Operating activities: Net income 13,078 13,064 Adjustments to reconcile net income to cash generated by operating activities: Depreciation and amortization 1,588 721 Share-based compensation expense 545 420 Deferred income tax expense 1,179 1,456 Changes in operating assets and liabilities: Accounts receivable, net (668) (3,561) Inventories (664) (460) Vendor non-trade receivables (2,174) (1,206) Other current and non-current assets 413 (962) Accounts payable 6,145 4,314 Deferred revenue 1,611 1,296 Other current and non-current liabilities 2,373 2,472 Cash generated by operating activities 23,426 17,554 Investing activities: Purchases of marketable securities (37,192) (40,175) Proceeds from maturities of marketable securities 3,460 3,038 Proceeds from sales of marketable securities 23,002 21,472 Payments made in connection with business acquisitions, net (284) 0 Payments for acquisition of property, plant and equipment (2,317) (1,321) Payments for acquisition of intangible assets (138) (108) Other (52) (34) Cash used in investing activities (13,521) (17,128) Financing activities: Proceeds from issuance of common stock 76 91 Excess tax benefits from equity awards 404 333 Dividends and dividend equivalent rights paid (2,493) 0 Repurchase of common stock (1,950) 0 Taxes paid related to net share settlement of equity awards (534) (355) Cash (used in)/generated by financing activities (4,497) 69 Increase in cash and cash equivalents 5,408 495 Cash and cash equivalents, end of the period $ 16,154 $ 10,310 Supplemental cash flow disclosure: Cash paid for income taxes, net $ 1,890 $ 1,474 Apple Inc. Q1 2013 Unaudited Summary Data (Units in thousands, Revenue in millions) Q1'13 (a) Q4'12 (a) Q1'12 (a) Sequential Change Year/Year Change Operating Segments Revenue Revenue Revenue Revenue Revenue Americas $ 20,341 $ 13,810 $ 17,714 47% 15% Europe 12,464 8,023 11,256 55% 11% Greater China (b) 6,830 5,427 4,080 26% 67% Japan 4,443 2,367 3,550 88% 25% Rest of Asia Pacific 3,993 2,110 3,617 89% 10% Retail 6,441 4,229 6,116 52% 5% Total Apple $ 54,512 $ 35,966 $ 46,333 52% 18% Q1'13 (a) Q4'12 (a) Q1'12 (a) Sequential Change Year/Year Change Product Summary Units Revenue Units Revenue Units Revenue Units Revenue Units Revenue iPhone (c) 47,789 $ 30,660 26,910 $ 16,645 37,044 $ 23,950 78% 84% 29% 28% iPad (c) 22,860 10,674 14,036 7,133 15,434 8,769 63% 50% 48% 22% Mac (c) 4,061 5,519 4,923 6,617 5,198 6,598 - 18% - 17% - 22% - 16% iPod (c) 12,679 2,143 5,344 820 15,397 2,528 137% 161% - 18% - 15% iTunes/Software/Services (d) 3,687 3,496 3,020 5% 22% Accessories (e) 1,829 1,255 1,468 46% 25% Total Apple $ 54,512 $ 35,966 $ 46,333 52% 18% (a) Q1'13 and Q4'12 spanned 13 weeks whereas Q1'12 included a 14th week. (b) Greater China includes China, Hong Kong and Taiwan. (c) Includes deferrals and amortization of related non-software services and software upgrade rights. (d) Includes revenue from sales on the iTunes Store, the App Store, the Mac App Store, and the iBookstore, and revenue from sales of AppleCare, licensing and other services. (e) Includes sales of hardware peripherals and Apple-branded and third-party accessories for iPhone, iPad, Mac and iPod.
Join TUAW at 5 PM ET for an Apple earnings call liveblog
Later this afternoon, Apple will hold its fourth-quarter earnings call for 2012. This report marks the end of the fiscal year for Apple, so it should be quite interesting to hear. As always, TUAW will be hosting a liveblog of the event, providing the news should you decide not to listen in on the call and also we'll be bringing commentary from our bloggers to the table. The liveblog will start about five minutes before the call so we can provide you with some of the details of the results before Apple CEO Tim Cook and Apple SVP/CFO Peter Oppenheimer get on the speaker phone. Be sure to bookmark the liveblog page and join us at 5 PM ET / 2 PM PT.
Daily Update for July 25, 2012
It's the TUAW Daily Update, your source for Apple news in a convenient audio format. You'll get all the top Apple stories of the day in three to five minutes for a quick review of what's happening in the Apple world. You can listen to today's Apple stories by clicking the inline player (requires Flash) or the non-Flash link below. To subscribe to the podcast for daily listening through iTunes, click here. No Flash? Click here to listen. Subscribe via RSS
Apple 3Q 2012 Financial Call Liveblog
Welcome to TUAW's coverage of Apple's third quarter 2012 financial results call. You can follow along on the call as we provide commentary by listening to the live stream at www.apple.com/quicktime/qtv/earningsq312. Our liveblog tool requires no constant refreshing of your browser window; simply load this page once and your browser is automatically updated whenever we provide more information. If you have any questions or comments, please feel free to join us in the #tuaw IRC chatroom on irc.freenode.net. Kevin Avila (eddienull) will be moderating. #next_pages_container { width: 5px; hight: 5px; position: absolute; top: -100px; left: -100px; z-index: 2147483647 !important; }
Tim Cook: Apple focusing more on iPad for enterprise
Pretty chipper news all over for Apple shareholders during today's earnings call. Head honcho Tim Cook even took the time to highlight some sunny numbers for the iPad over on the enterprise side of things. According to the CEO, 94 percent of Fortune 500 companies have deployed or are testing the tablet. That number is at 74 percent amongst the Global 500. Apple, naturally, is looking to push that number even higher. Says Cook, "We're shifting our focus here to penetration in enterprise," adding that the device is "the most broad-based product I've seen in my entire career in terms of enterprise adoption."
TUAW Liveblog of the Apple Q4 financial results conference call
We're liveblogging today's Apple earnings results in the CoverItLive widget below -- be sure to click and join in to share your comments! You can also listen in on the call via QuickTime streaming. <a href="http://www.coveritlive.com/mobile.php/option=com_mobile/task=viewaltcast/altcast_code=c8ce24b652" >TUAW's Coverage of the Apple 4Q Financial Call</a>
Apple's Q4 earnings are out, records set for revenue, earnings, and sales (Update: earnings call liveblog!)
Another Apple earnings report, another winner quarter for the company. Apple says its 2010 fiscal fourth quarter results are its "highest revenue and earnings ever," with records set for Mac, iPhone and iPad sales. Some of the highlight numbers include 14.1 million iPhones sold (up 91 percent over Q4 last year), 3.89 million Macs (up 27 percent), 9.05 million iPods (down 11 percent), and 4.19 million iPads. It all added up to an all-time record for Apple of $20.34 billion in revenue for a net profit of $4.31 billion. And of course, Apple couldn't resist stoking the upcoming-event-rumor flames a little bit: "We still have a few surprises left for the remainder of this calendar year." Hit up the press release after the break. The earnings call is starting in a few minutes, we'll be liveblogging it right here!
John versus Joe: iPhone earnings smackdown edition
Apple naysayers are a dime a dozen these days. I keep a few in my garage just so I can laugh at them when I wave my iPhone in their general direction and they all cry in unison, "The Zune phone is so totally going to be an iPhone killer. You know, if and when it comes out. Just wait and see." Rarely do Apple naysayers come with more unintentional hilarity than Joe Wilcox from Betanews, who, alone among reporters everywhere, uncovered a media conspiracy on a scale not seen in recent memory. Namely, contrary to what literally everyone else has reported, Apple was in fact NOT more profitable with the iPhone compared to all of Nokia's cellphone business during the recent financial quarter. John Gruber from Daring Fireball saw Joe's post, and with his response laid the smackdown on Joe's analysis. Gruber's post boils down to castigating Wilcox for ignoring Apple's statement of non-GAAP earnings. Basically, Apple's subscription-based accounting for the iPhone spreads its revenues out over several quarters, which it expresses in GAAP (Generally Accepted Accounting Principles) earnings. These are the earnings Wilcox looked at and said, "Wait a minute! Apple didn't make that much money at all! Murder most foul!" If you want a real idea of what Apple actually made with the iPhone over the quarter, you have to look at the non-GAAP earnings. This is something I figured out back when I edited earnings press releases for PR Newswire, and something anyone who reports on financial matters really ought to double-check before protesting to one and all that something foul is afoot. Wilcox updated his post after Gruber's response, but his rationale is almost as funny as his initial post: I chose to use the GAAP figures because a) Again, that's what Apple is supposed to report; b) It made for a simpler analysis; c) Apple recognizes previously deferred revenue with the quarterly results; d) According to Apple SEC filings, deferred revenue is for more than just iPhone and Apple TV. The last two points are paramount. In other words, a) It's the SEC's fault, not mine; b) like Gruber said, I didn't bother reading past the first paragraph of the press release; c) I also didn't bother parsing through the reams of financial tables that come with every quarterly financial press release; d) Gruber is wrong and Apple TV is totally selling like hotcakes. I showed Wilcox's post to the Apple naysayers I keep chained up in my garage, and they just kind of turned away scratching their heads awkwardly. I don't think that's a good sign for the supposed "misreporting" of Apple's iPhone profits that Wilcox thinks he's uncovered.
