“In an note to clients Thursday that was unusually long and detailed for a simple revised estimate, Needham’s Charlie Wolf rattled off a long list of reasons he thinks Apple (AAPL) sold a lot more iPads in the quarter than ended June 30 than what he confesses was a ‘hastily formulated initial estimate’ published three months ago,” Philip Elmer-DeWitt reports for Fortune.
“In April, he was looking for sales of 13.5 million iPads — in line with what a lot of Wall Street analysts were saying at the time,” P.E.D. reports. “Now he’s expecting Apple to report sales of 20 million units, which is the highest we’ve seen from any institutional analyst… [Wolf writes], ‘When iPad 2 was introduced in March 2011, sales increased 97% in the following (June) quarter. Our forecast of 20 million iPad sales in June implies a 70% sequential increase from March. While this number appears aggressive, it must be remembered that Apple has continued to sell iPad 2 at the lower price of $399. A study by Consumer Intelligence Research Partners found that since the introduction of the new iPad in March, iPad 2 has composed 41% of all iPad purchases.'”
Read more in the full article here.
MacDailyNews Take: Welcome to reality, Chuck!
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