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Analyst Research Report Snapshot


Apple - Snapshot of Q1 2013 Results - iPhone is another Razr




Indigo Equity Research


31 Jan 2013





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Snapshot - 2013 Q1 Results Crisis, iPhone is becoming another Razr Weakening 2013 Q1 Results - rapidly slowing growth and falling margins. Q1 Revenues slowed dramatically in all divisions, products & regions; and margins fell. Guidance, albeit notoriously conservative, is for revenue growth to fall to c. 7% next Q. This guidance is well below the consensus forecasts for c. 20% revenue growth in 2013. On the Q results call with analysts, gone were descriptions of demand as "record levels", "phenomenal" and "out-strips supply" that were evident in the previous Q. Worryingly, there was much hubris and denial evident from the CEO on the call. Radical changes are need or growth & margins may decline much more than expected. Apple's modest valuation multiples mean little without more compelling product upgrades. (see the "Investment thesis" below) - Total Q1 Revenue rose $8.4 bn (+18%), to $54.7 bn. etc.......... Independent, buy-side, fundamental, financial analysis. www.indigo-equity-research.com

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