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Old Jul 24, 2012, 05:14 PM   #1
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Apple on 'Fall Transition', Apple TV, Impact of Rumors and More




Apple held its Q3 2012 financial results conference call this evening. We have posted a full transcript of the call.

From the call, Apple discusses their expectations for the next quarter which runs through July, August and September. In particular, Apple CFO Peter Oppenheimer expects gross margins to decline in the next quarter due to a "Fall transition". He was unwilling to provide more details on direct questioning:
Quote:
A: "Fall transition" that I spoke about is driving most of the decline that we see sequentially in gross margin. Not something that we're going to talk about in any level of detail today. We could not be more confident in our new product pipeline.
Apple uses such terms as "Fall transition" to represent changes to their product lines. Lower expected gross margins could point to new products with lower prices. The obvious speculation would point to the much rumored smaller/cheaper 7.85" iPad. Whatever the "fall transition" is, Apple expects it to take place before the end of September in order for it to impact the next quarter.

Apple was also asked about the impact of rumors and speculation on their sales
Quote:
Q: Rumor and speculation, how much does it hurt sales in the quarter?

A: There's a lot of speculation out there. It's difficult to sort out but I'm fairly convinced that there's an incredible anticipation out there for future products. As you would expect given what we've been able to deliver in the past. I think it's a reasonable amount.
And later...
Quote:
Try very hard to keep our product roadmap secret and confidential. We go to extremes to do that. That, however, doesn't stop people from speculating or wondering and they'll never do that. The great thing about this country is that people can say what they think and so-forth. I'm not going to spend any energy trying to change that. I'm glad that people want the next thing. I'm super happy about it. There are obviously quite a few that want what we're doing now as well. I'm not going to put any energy into trying to get people to stop speculating. I don't think it would amount to anything.
Finally, Apple is still optimistic about the Apple TV, and continues to believe in it despite it being a comparably smaller market.
Quote:
Q: Did you give an Apple TV number and updated thoughts?

A: Sold 1.3 million last quarter, up more than 170% year over year. Brings fiscal year to 4 million units. This is pretty incredible. Still at a level that we would call a "hobby" -- continue to pull the string to see where it takes us. Not one to keep around projects that we don't believe in. Lot of people here that believe in Apple TV. Continue to invest.

Q: Don't do hobbies to be hobbies -- do it to make something bigger?

A: We do it because we think it'll lead us somewhere. We'll see. 4 million isn't a small number and there are a lot of believers in it.
We have a full transcript available from the call.

Article Link: Apple on 'Fall Transition', Apple TV, Impact of Rumors and More
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Old Jul 24, 2012, 05:16 PM   #2
MultiMediaWill
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So disappointing that Apple failed so greatly on their earnings last quarter.
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Old Jul 24, 2012, 05:16 PM   #3
Macboy Pro
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new iMacs?
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Old Jul 24, 2012, 05:16 PM   #4
cgk.emu
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Well, there ya go folks who are freaking out waiting for new stuff
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Old Jul 24, 2012, 05:21 PM   #5
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Originally Posted by MultiMediaWill View Post
So disappointing that Apple failed so greatly on their earnings last quarter.
</sarcasm>
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Old Jul 24, 2012, 05:23 PM   #6
Steve J0bs
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Why do i keep thinking they are gonna get rid of the iPod touch and replace it with a smaller iPad? Then they will enlarge the iPod nano to replace the touch.

matter of fact that sounds confusing... or does it?
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Old Jul 24, 2012, 05:24 PM   #7
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TC should stop beating around the bush and just call it:

The MR Effect
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Old Jul 24, 2012, 05:25 PM   #8
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new iMacs?
New iPods and iPhone, that's for sure.

iMac, Minis or Mac Pro? We'll see
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Old Jul 24, 2012, 05:25 PM   #9
atysklind
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iLove my ATV
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Old Jul 24, 2012, 05:26 PM   #10
iamkarlp
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Originally Posted by MultiMediaWill View Post
So disappointing that Apple failed so greatly on their earnings last quarter.
..... So unload your stock so that we can buy it.......

Apple is a Cyclical company with relatively predictable product pipelines.

Apple really needs to be judged in a YoY capacity.

They are doing just fine. If we see similar numbers for the next two quarters (Depends on exact iPhone and iMac refresh periods) then we have a real issue.

At the moment it's no different than any other quarter. Apple releases numbers (beating their own guidance by some amount) and then the stock goes down to recover over the next few weeks.

While it's true they didn't beat their own numbers by the same ratio as they have in other times, that could be any number of legitimate reasons, the simplest of which is that Tim Cook may be trying to give more accurate guidance.

At the end of the day, the official guidance was well exceeded, they have strong YoY growth and as a company their image is only improving.

Cracking success I would say.
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Old Jul 24, 2012, 05:26 PM   #11
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Ok - so there's no downvote button (for now) - so I'll say it out loud. (And still be bludgeoned for it)

For the first time in a long time - I'm not remotely excited about what Apple has in store for the remainder of this year. Something isn't there - that once was...

I know, I'm a horrible person.
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Old Jul 24, 2012, 05:28 PM   #12
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Originally Posted by MultiMediaWill View Post
So disappointing that Apple failed so greatly on their earnings last quarter.
Watch out we've got a troll over here. Just trying to be funny, eh?
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Old Jul 24, 2012, 05:29 PM   #13
BigJohno
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I want a 27-30" matte screen and mac pro!!!! Enough of this ipod iphone ipad crap!
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Old Jul 24, 2012, 05:29 PM   #14
LordVic
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Originally Posted by iamkarlp View Post
..... So unload your stock so that we can buy it.......

Apple is a Cyclical company with relatively predictable product pipelines.

Apple really needs to be judged in a YoY capacity.

They are doing just fine. If we see similar numbers for the next two quarters (Depends on exact iPhone and iMac refresh periods) then we have a real issue.

At the moment it's no different than any other quarter. Apple releases numbers (beating their own guidance by some amount) and then the stock goes down to recover over the next few weeks.

While it's true they didn't beat their own numbers by the same ratio as they have in other times, that could be any number of legitimate reasons, the simplest of which is that Tim Cook may be trying to give more accurate guidance.

At the end of the day, the official guidance was well exceeded, they have strong YoY growth and as a company their image is only improving.

Cracking success I would say.
for the most part agreed. this shouldn't be an indication that apple is suddenly going to go bankrupt and lose money.

But if you look at the big picture. The lack of anything truly new this year (all revisions to existing products), plus pissing off a lot of people with the non stop litigations in attempt to limit competition, one can't help but speculate that something isn't entirely right.

Nothing i'd freak out over though. in the current product segments I think we have just finally hit saturation point. it's future new products that will be Telling. The last 2 years or so has seen the world of mobile communications explode more than we've ever seen in the past. hence record profits year after year. At some point, there's just not enough new people to sell too.

the big tell will be in 6mo to a year. if Apple doesn't come out with something to spur on new markets and continue to slide, Then you might be afraid. (but i'm convinced the time of record profits for everyone is behind us)
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Old Jul 24, 2012, 05:29 PM   #15
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Originally Posted by MultiMediaWill View Post
So disappointing that Apple failed so greatly on their earnings last quarter.
I checked the dictionary for the word fail, and making over $8b profit didn't show up
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Old Jul 24, 2012, 05:31 PM   #16
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A: We do it because we think it'll leave us somewhere.
Are you sure that wasn't "lead us somewhere"? Makes more sense.
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Old Jul 24, 2012, 05:31 PM   #17
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Great news on the Apple TV. The more that becomes a viable resource the better.

Open it up to developers Apple. They'll take that platform to new heights.
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Old Jul 24, 2012, 05:32 PM   #18
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If you're still in college; I'd suggest an elective in Business Financial Studies. If you're out of college, I'd suggest a workshop at your local Fidelity or Charles Schwab satellite branch.

If none of the above apply. I'd suggest shutting up.
For all your smarts I think you need a social intelligence refresher.
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Old Jul 24, 2012, 05:34 PM   #19
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I know a lot will think this is stupid. Heck even I think it sounds far fetched, but does anyone else get the feeling that they might merge product lines here? The products I am talking about are the mythical iPanel and the iMac. I know it's far fetched, but i can't shake the feeling that this might be the case. Has there been any speculation regarding this so called iPanel and its possible release. If so, does that time frame match up with what some have been recently speculating about the iMac(meaning september or october release)?
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Old Jul 24, 2012, 05:34 PM   #20
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Ok - so there's no downvote button (for now) - so I'll say it out loud. (And still be bludgeoned for it)

For the first time in a long time - I'm not remotely excited about what Apple has in store for the remainder of this year. Something isn't there - that once was...

I know, I'm a horrible person.
New OSX and iPhones for certain, and more than likely iPods, with a strong potential of iMacs later in the year?

The only thing that likely won't be touched this year is MacPro's, and that's only because, good, bad, or indifferent; sometime in the next 18 months we are most likely going to see an entirely new workstation paradigm from Apple.

If your not excited by Apples H2, that's perfectly fine, and certainly understandable, but more than likely that is because you aren't in a position to need one of their products at this moment, as opposed to Apple not having anything interesting.

There is a difference,

Karl P
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Old Jul 24, 2012, 05:37 PM   #21
DrumApple
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Why don't they just try being open and do away with their era of secretive tactics. It's so stupid, it gets leaked no matter what so you might as well just announce what your planning yourself rather than having everyone hear it from your manufacturers in Asia. It would probably help their bottom line in the long run.
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Old Jul 24, 2012, 05:37 PM   #22
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I really like my Apple TV.

Hopefully Apple continues to progress the platform.
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Old Jul 24, 2012, 05:40 PM   #23
Kwill
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Apple uses such terms as "Fall transition" to represent changes to their product lines.
This confirms it: Smaller dock connector on larger, faster 4G iPhone with Siri's brother "Ous" in more countries. Thanks Cook.
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Old Jul 24, 2012, 05:43 PM   #24
Stephen123
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Originally Posted by MultiMediaWill View Post
So disappointing that Apple failed so greatly on their earnings last quarter.
Apple, the worlds most valued company, grew 23% over one year, beating their own quarterly predication. That is only disappointing in a VERY specialized sense of the word.
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Old Jul 24, 2012, 05:47 PM   #25
Mr Fusion
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Ok - so there's no downvote button (for now) - so I'll say it out loud. (And still be bludgeoned for it)

For the first time in a long time - I'm not remotely excited about what Apple has in store for the remainder of this year. Something isn't there - that once was...

I know, I'm a horrible person.
Nope, you're just realistic.

The big question I have now for Apple and the rest of the tech industry is: Where do we go from here? The "computer" has evolved from a room of vacuum tubes to a desktop to a laptop to a portable screen of varying sizes. What's the next step?
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