Analyst Research Report Snapshot

Title:

Apple - Q1 2013 Results - iPhone is another Razr

Price:

$25.00

Provider:

Indigo Equity Research

Date:

31 Jan 2013

Pages:

10

Type:

AcrobatPDF

Companies referenced:

AAPL.OQ

Available for Immediate Download
Summary:

Overview - 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. .... - Total Q1 Revenue rose $8.4 bn (+18%), to $54.7 bn. etc.......... Investment thesis - The end of out performance, revenue growth & margin risk Prior to Sept 2012, we were fervent advocates of Apple with bullish recommendations. In Oct 2012, our opinion turned negative, expecting the end of Apple's outperformance. A problem is that Apple's products are no longer cutting edge, in design or technology, The competition has caught up and product fatigue is setting in (eg. the iPhone 5 launch). ....... Independent, buy-side, fundamental, financial analysis. This report includes: results analysis, investment thesis, recent key events, SWOT analysis …. www.indigo-equity-research.com

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