Everybody is disappointed in the results published by Apple yesterday. It kind of strikes me that Wall Street Analysts didn’t see this comming?
If you look at the projections for FQ4 made after the previous quarter, they did really good:
"Looking ahead to the fourth fiscal quarter of 2011," said CFO Peter Oppenheimer, "we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50." According to MarketWatch, analysts are expecting higher projections: revenue of $27.7bn and earnings of $6.42 per share. (The Register)
So why did this get out of hand? I guess estimates were adjusted all summer long based on rumors of the iPhone 5 coming in September. The fact that estimates were not revised down when rumors appeared to be no more than that, is not a very smart move.
I’m not an analyst myself, just a small time investor, but the numbers are not a surprise to me at all… .
At this point, Apple estimates for January are higher than the Street’s numbers… now that’s an interesting one!