“In a research note prepared following Apple’s earnings conference call, Munster pointed to AAPL shares trading down about 3 percent in after hours action, saying the company’s outlook on the world economy was more cautious than anticipated. By his count, CEO Tim Cook and CFO Luca Maestri mentioned negative macro trends nine times during prepared statements, and another four in the Q&A session,” Campbell reports. “‘While we were expecting some level of cautious macro commentary given the volatility in global stock markets, decline of commodity prices, and uncertainty in the Chinese economy, the level of caution described by Apple was greater than we would have expected,’ Munster writes.”
“Apple is guiding the first-ever decline in year-over-year iPhone sales for the current March quarter,” Campbell reports. “Munster is modeling March iPhone at 53 million units, down 13 percent year over year but better than an initial negative 17 percent estimate… Munster expects iPhone to be down 10 percent in the June quarter compared to 2014 and flat for the three-month period ending in September before returning to growth — 80 million units — in December. ”
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