“With revenues that grew 73% and earnings that more than doubled, Apple (AAPL) proved Tuesday that the fourth quarter results that so disappointed Wall Street last fall were a fluke,” Phillip Elmer-Dewitt reports for Fortune. “The company that Steve Jobs built is still that rare beast in American business: A $400 billion giant that acts — and grows — like a start-up.”
“Tuesday’s results also revealed another fluke: The shellacking that our team of independent analysts suffered in October at the hands of Wall Street analysts with some of the worst track records in the business,” P.E.D. reports. “This time… the order we had documented in more than half a dozen consecutive quarters was restored.”
P.E.D. reports, “Once again, the Street blew it. And although even the most bullish independents were surprised by the strength of Apple’s Q1 2012 results, at least they were in the ball park. So kudos to Navin Nagrani, the Chicago real-estate executive who won this quarter’s Earnings Smackdown with the best revenue and earnings estimates of the 50 analysts we polled. I’m not sure what to say about Gabelli’s Hendi Susanto, who had the worst estimates for revenue (off by $11 billion), EPS (off by $5) and iPhones (off by nearly 12 million units) as well as the second worst estimates for iPods and iPads. As near as I can tell, he published his numbers on Oct. 19, just after Apple’s big miss, and never looked at them again. But he’s got plenty of company…”
Full article, with the complete results, here.
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