Friday, May 4, 2012

Apple Q2 2012 results

Following the announcement of the second fiscal quarter 2012 from Apple, we offer our traditional explanation in pictures.

A line of luxury giant

The second quarter fiscal 2012 quarter is the best "classic", that is to say out of the holiday season and New Year, in Apple's history: the Cupertino company had revenues of business of $ 39.2 billion and earnings of $ 11.6 billion. These are not however the two figures we will retain.

The first is the gross margin, which reached the quarter high of 47.4%, 5.4 points above estimates Peter Oppenheimer, Apple's CFO. Half of this difference comes from operational costs lower than expected; quarter from a level of sales higher than expected, especially from the iPhone, the rest is due to exceptional circumstances "will not be repeated not. "The second is the share of international sales of Apple: the United States have broken below the 40% and represent only 36% of the activity of the Cupertino Company. This is essential for understanding the results of this quarter, and probably the next: while some analysts doubted the sales levels of the iPhone after the results of U.S. operators, the figure has been excellent in the end - they had completely forgotten the special effort made by Apple in China.

China, new engine of growth for Apple

Asia-Pacific is growing steadily and in the results from Apple when it generated six times less turnover than the Americas three years ago, now it is equivalent to three quarters of the American continent. It outperforms the first time in Europe (10.15 against 8.81 billion dollars) and now concentrates 25% of business from Apple.

In one year, sales of Apple in China have tripled the Mac for example is up 60% in a market with growth of 6% - Apple manages to convince the significant middle class in training in China. Specialist operational, Tim Cook has made the second world economy a top priority: the Mac is distributed to 1,800 outlets, 11,000 in the iPhone and the iPad stores in 2500 stores. It will not be surprising that the favor of launching the new iPad in China, the Asia-Pacific region than for the first time the United States in the results of the next Apple quarter. The continued success of the iPhone

China is partly responsible for the strong performance of iPhone: Apple has sold 35.14 million units. An uninformed observer would stress that it is less than the previous quarter, when Apple had elapsed 37.04 million. But this quarter was longer than a week: correcting it, iPhone sales are actually up a little over 2% - a performance knowing that one compares with a quarter not only launch iPhone 4S, but also year-end holidays. IOS devices now weigh just over 30 billion dollars, the overwhelming proportion of 77.3% of sales of Apple, 57, 9% for the iPhone alone. The iPad, which grew 151.4% from a year to the next is the surprise this quarter, weighs heavier than the Mac (6.59 against $ 5.1 billion), which demerit not yet.

Sign of the times, the iPod just to report more than one billion dollars, shops dematerialized Apple releasing even a turnover twice! It remains more profitable than the iTunes Store or the App Store, which generate only very small profit of about $ 150 million: it's not there for Apple to make money, but to cement its ecosystem equipment by offering services and content complete. A third quarter pending Peter Oppenheimer made a surprise by announcing a forecast of results for the third quarter particularly pessimistic: its estimate a turnover of $ 34 billion and earnings per share of $ 8.68 is the worst since three years. We know that Apple is very conservative in this area, but the CFO of the company wanted to point out here the exceptional character of this quarter, and unknown to the next, the life cycle of the iPhone has been shifted.

It outlines five points which he said would justify the next quarter to be worse than the second. The first is the increase in inventories of iPhone in March, to return to a buffer of 4 to 6 weeks, which artificially limit supply and therefore the sales levels. The second is always related to the iPhone, whose impact on the accounts Apple is maximal: this quarter was sort of the "perfect quarter" for the Apple phone, the latest model is now available everywhere where he was to be - performance may be reproduced in the quarter, especially since waiting for the next model should start to be felt.

The iPad also explains the pessimistic prediction, for the same reasons: the launch of the new iPad has been no hitch, thanks to adequate stocks, and international expansion has been fastest in the history of Apple. The third generation iphone has counted for little in the second quarter results, but he weighed more than the iPad 2 had done in the accounts of the second quarter of 2011. Fourth point that can encumber the accounts: the success of the iPad 2 to 399 €, which has already reduced the average basket of 7% in March.

Finally, the rising dollar negatively impact comparisons from one year to another. Apple does not expect an exceptional third quarter in a row, but only a "good" quarter. We know other companies that do not complain to.

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