Technology
How to measure Apple's success without unit sales
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From a note by Gene Munster to Loup Ventures’ subscribers that landed on my desktop Thursday:
I’m guilty of falling into the unit trap. It took me 5 days to realize the company grew revenue 20% y/y and earnings 40% y/y in the Sept. 2018 quarter, despite Apple highlighting those data points 3 times on the earnings call…
We believe this is how Apple would have reported the Sep-18 quarter under the new reporting approach:
In a separate list, Munster suggested six data points Apple ought to release each quarter going forward:
My take: This is Munster’s wish list, which it seems to me falls considerably short of the version of the Sep-18 quarter he had just offered in his bullet points. The whole thing is a mystery, and until the company posts the new schedule Luca Maestri promised last week, it will linger like a bad odor over the market. I’ve been keeping an eye on the Investor Relations website. No sign as of Thursday morning.
See also: Apple’s new translucency: Watch CNBC freak (video)
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