“Analyst Kulbinder Garcha cut his earnings estimates on the company, but kept the ‘outperform’ rating as he believes Apple will refresh its iPhone lineup in the second half of 2013 that will ‘return Apple to its growing ways,’” Ciaccia reports. “He now expects 30.6 million iPhones to be sold in the second quarter of 2013, due in large part to a mid-2013 iPhone refresh, which may cause some hesitancy on consumers.”
Ciaccia reports, “Even with all of these concerns, the iPhone is still a growth story, and continues to be the major driver of profits for Apple. Last quarter, Apple sold 47.8 million iPhones, up from 37.04 million iPhones in the year-ago quarter. That amounted to 37.1% year-over-year growth, not counting the extra week in the fiscal first-quarter of 2012 because of the leap year.”
Read more in the full article here.
MacDailyNews Take: When we’re told things that simply do not jibe with reality, we call bullshit.
Kulbinder Garcha, whoever TF that is, couldn’t analyze his way out of a wet paper bag.