Credit Suisse boosts Apple estimates on iPhone, Mac

“Credit Suisse analyst Bill Shope this morning in a note to client raised his revenue and EPS numbers [on Apple Inc. (AAPL)] based on increased estimates for sales of the Mac, the iPod, and the iPhone, though he’s still below the Street. He forecast $8.14 billion and $1.13 per share, less than the average estimate of $8.16 and $1.16. His year estimate also goes up, while trailing consensus,” Ray reports. “Apple reports June quarter earnings on July 21, after market.”

“Shope expects Apple sold 4.24 million iPhones in the June quarter, above his prior estimate of 3.86 million. Shope’s Mac sales estimate rises to 2.4 million units from a prior 2.3 million based on the recent introduction of new Macbooks,” Ray reports. “But what really interests Shope is that Apple accounted for no sales of the iPhone from March 17 to June 17, the release date of its iPhone 3.0 software. He thinks this means a lot of iPhone revenue — and cash flow — carries over to the current, September-ending quarter, and so he thinks Apple’s traditionally conservative forecast could for once beat estimates.”

“To give you an idea of the impact iPhone accounting has, his ‘non-GAAP’ revenue and EPS for the June quarter are $9.23 billion and $1.66, significantly higher than the numbers cited above,” Ray reports. “Shope is forecasting $8.88 billion and $1.24 in official revenue and EPS for the September quarter, but Apple could beat that, he thinks, boosted by iPhone revenue, as well as higher profit from a greater mix of iPod “touch” in overall iPod sales,” Ray reports.

More details in the full article here.

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