MacDailyNews presents live notes from Apple’s Q412 Conference Call with analysts starting at 5pm EDT/2pm PDT today.

Live notes from Apple’s Q412 Conference Call in reverse chronological order:

• End of conference call.

• AAPL @ 5:59pm EDT: $609.80, +$0.26, +0.04%

• Cook: Pixel resolution is the same in iPad mini as in iPad 2, so all 275,000+ iPad apps work seamlessly on iPad mini
• 7.9-inch vs. 7.0-inch is 35% in surface area and usable size is much greater than that
• Cook: We would not make a 7-inch tablet. We don’t think they are good products. We would never make one.

• Cook on LCD and Samsung: I wouldn’t characterize any change there are increasing costs; we continue to be a customer of Samsung
• Cook: I would not say there has been a significant change in our supplier partners
• Cook: We will stay true to making the very best products
• Cook: We’ve seen low-cost challengers before and iPad continues to beat every product on the market at every price

• Cook: “iPhone 5 demand is VERY robust.”
• Cook: I feel great about where iPhone 5 is on supply ramp; output significantly higher now vs. early Oct.; cannot predict supply and demand balance
• Cook: iPhone 5 launched first in U.S., so that’s why iPhone revenue grew in the U.S. vs. rest of world

• Oppy: iPhone ASP were relatively flat; up slightly YOY; iPad ASPs were down YOU in a “low double digit way” which was reflective of iPad 2’s new lower price; on a sequential basis, iPad’s ASPs were relatively flat

• Cook: iMac will be constrained for the full quarter in a significant way; 27-inch doesn’t ship until December
• Cook: I don’t see a component shortage gating us for the quarter in terms of iPhone and iPad; I think we’ve solved some of the issues [with iPhone 5 production]

• Cook: iPhone and iPad not being tested or deployed in over 80% of Fortune’s Global 500
• Cook: Apple will not make a product that people will feel good about when they’re buying it and then not use it much afterwards
• Cook: With iPad mini, as with all Apple products, we wanted to create a product that people will love and use for years

• Oppy says iPad mini is priced very aggressively; margins are below traditional levels at Apple Inc.
• Oppy reviews all of iPad mini’s benefits including build quality
• Oppy: We set out to build smaller iPad with iPad mini, not a smaller cheaper tablet. iPad mini provides a much better experience than cheap 7-inch tablets
• Cook: We planned the rollout to the first 30-40 countries prior to introducing iPhone 5; the balance of the quarter we planned with and eye on supply and what we think the demand will be

• Oppy: We’re thrilled to be providing guidance of $52 billion in revenue
• Oppy: If you’re looking at YOY and comparing quarters, do not forget the 14-week quarter in Q111.

• Cook expects an “incredible holiday season.”
• Cook: On a YOY basis, the iPad sell through actually grew 44%
• Cook: It’s clear that customers delay iPad purchases when new products are anticipated

• AAPL @ 5:38pm EDT: $605.85, -$3.69, -0.61%

• Cook: Apple TV still has “hobby” label, but it’s a beloved hobby and we’ll continue to explore it
• Apple TV: 1.3 million units sold in quarter, up over 1000% YOY; sold over 5 million Apple TVs in fiscal year (vs. 2.8 million in FY11)

• Cook: Most people who buy a Windows PC would be much better off buying an iPad or a Mac – Apple has an enormous opportunity
• CooK on iPad mini: We provide fantastic products and customers will decide which one or two or three or four of each product they want and what they want to do with them

• Cook: You could design a car that flies and floats, but it wouldn’t do anything extremely well
• Cook: With iPad, the user experience is incredible
• Cook: I haven;t personally played with a Surface, yet, but what we’re reading about it is it’s a fairly compromised and confusing product
• China: Revenue 5.7 billion up 26; Mac up 44%; iPad up 45%; iPhone up 38%; $23.8 billion revenue from China in FY12

• Cook: We can’t wait until next Friday when we begin selling new iPad mini units
• Cook: We do think that the iPad and the iPad mini and the iPad 2 will all be extremely attractive offerings in lieu of PCs
• Cook: We’re confident that tablet market will exceed personal computer market
• Cook on larger iPads than 9.7-inch flagship: We do not comment on future product roadmaps

• As we launch new products, we have learning curves with manufacture; this is Apple’s most prolific period of new product introduction in company history
• Apple plans to roll out iPhone 5 to 100 countries, including large countries in month of December
• Cook: iPhone 5 the largest volume ramp in history. Cook is happy with current output levels. Difficult to say when supply will meet demand
• iPhone 5 supply ramp: Cook: Demand for iPhone is “extremely robust.” Our output have improved significantly since earlier this month.

• Cook: We are managing the company for the long run and remain very confident in our strategy
• Cook: We are unwilling to cut corners in delivering the very best experience to our customers

• Apple working hard to improve manufacturing costs as they’ve done in the past
• Oppy: Margins on new products are lower than predecessors; have been very aggressive on iPad mini pricing
• Oppy: iPhone 4 is free in subsidized markets; iPad mini is priced aggressively; delivering incredible value to customers
• New products and massive changes in product lines have significant costs associated with them = lower gross margin; nothing new
• Q113 Guidance: 14 week quarter last year vs. 13-week next year

• Apple very confident in product pipeline and lineups for holiday shopping season
• Record 18 million Macs sold in fiscal year

• AAPL @ 5:08pm EDT: $601.01, -$8.53, -01.40%

• Total cash on hand is now $121.3 billion as of end of quarter
• 24.5% tax rate; 25.2% for full fiscal year
• 22% increase in store traffic YOY
• Total of 390 stores now open, 40 of them outside U.S.
• 18 new stores opened over quarter
• Apple Retail growth: 1.1 million Macs sold – new record

• Maps app is being improved rapidly
• iOS 6 now on over 200 million devices
• Over 190 million total iCloud account signups since launch

• 3.4 million iPad units in inventory, +200,000, or just over Apple’s channel inventory target of just over 4 weeks

• AAPL @ 5:08PM EDT: $600.77, -$8.77, -01.44%

• 9.1 million iPhones in channel inventory at quarter’s end, below target range of 4-6 weeks
• Oppy: “iPhone 5 demand has been phenomenal; demand continues to outstrip supply

• Apple CEO Peter Oppenheimer: “Looking ahead to the first fiscal quarter of 2013, we expect revenue of about $52 billion and diluted earnings per share of about $11.75.”

• Apple’s Board of Directors has declared a cash dividend of $2.65 per share of the Company’s common stock payable on November 15, 2012, to shareholders of record as of the close of business on November 12, 2012.

• 4.9 million Macs (1 percent unit increase YOY
• 14.0 million iPads (26 percent unit increase YOY)
• 26.9 million iPhones (58 percent unit growth YOY)
• 5.3 million iPods, (19 percent unit decline YOY)

• International sales accounted for 60 percent of the quarter’s revenue
• Gross margin was 40.0 percent compared to 40.3 percent in the year-ago quarter
• Versus YOY revenue of $28.3 billion, net profit of $6.6 billion, $7.05 per diluted share
• $8.67 per diluted share
• quarterly net profit of $8.2 billion
• quarterly revenue of $36.0 billion
• Fiscal 2012 fourth quarter ended September 29, 2012
• AAPL @ 5:00pm EDT: $608.55, -$0.99, -0.16%
• AAPL @ 4:50pm EDT: $593.89, -1$5.65, -2.57%
• AAPL stock to resume after-hours trading @ 4:50pm EDT
• AAPL stock had risen by $3.74, or 0.6%, at $613.28 before being halted
• Awaiting start of call

Related article:
Apple beats Street on revenue, misses on EPS – October 25, 2012