Looks like Apple (AAPL) weakness (for months) was well deserved – the company, while posting numbers other companies only dream about, continues to disappoint with light iPhone sales in particular. Revenue came in light, EPS ok. Stock down over 3% in after hours after being up 2% in the regular session. Now retesting the lows of last week. Guidance no one cares about since Apple sandbags so much historically.
47.8M iPhones sold the biggie. ("whisper" expectations for something above 50M although that # is "in line" with expectations) Margins also compressing (38.6% vs 44.7% a year ago) which is very damaging for a tech company. 1M units short on Macs. iPads slight beat. Cash remains incredible at $137B – can't be long before the discussion turns to when Apple takes itself private!
Any securities mentioned on this page are not held by the author in his personal portfolio. Securities mentioned may or may not be held by the author in the mutual fund he manages, the Paladin Long Short Fund (PALFX). For a list of the aforementioned fund's holdings at the end of the prior quarter, visit the Paladin Funds website at http://www.paladinfunds.com/holdings/blog