“The market is overreacting,” Cardenal writes. “Apple delivered both sales and earnings numbers above Wall Street expectations last quarter, and the business is clearly healthy. The company produced $88.3 billion in revenue, an increase of 13% from the year-ago quarter and an all-time record for Apple. Earnings per share increased 16% to $3.89, also an all-time record for the company.”
“Apple’s 2017 holiday quarter included 13 weeks while the 2016 holiday quarter included 14 weeks. Doing some basic math, it makes a lot of sense to say that the company could have easily reported a small increase in iPhone unit sales if the most recent quarter had included 14 weeks,” Cardenal writes. “Besides, the iPhone X didn’t launch until early November. This means that this key product was completely unavailable for one-third of the entire quarter. It doesn’t sound unreasonable at all to say that sales would probably be materially higher if the iPhone X was in plentiful supply during the quarter.”
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