Apple crushed revenue and earnings estimates, as expected, but the iPad business posted a huge miss: 4.19 million shipments versus the Street’s consensus at 4.7 million and many estimates above 5 million.
On the earnings call, Apple hinted that this was at least in part a supply issue, noting that supply and demand weren’t balanced until September, the last month of the quarter.
Steve Jobs stole the show on the call, trashing competitors like RIM and Google, and suggesting that the iPad and iPhone will win against rivals because they are better products at great prices. Jobs also said the company is holding onto its cash — more than $50 billion now — mostly in case a big strategic opportunity comes along.
On the plus side, Apple’s iPhone business posted huge numbers despite the “Antennagate” hoopla — Apple moved 14.1 million phones last quarter, and boasted in its press release that this beat RIM’s most recent quarter, when it shipped 12.1 million BlackBerry devices
Steve Jobs also announced that Apple has already sold more than 250,000 of the new Apple TV device.
On a lighter note, I have just received an email from my cousin Sylvester with these Steve Jobs/Apple/Bill Gates jokes. Apple investors are all smiles with the great earnings reported by Apple but I hope these jokes will bring a big grin to you all.
Let’s get back to “serious” business again. Microsoft and Apples are rumored to be collaborating on a new product. It is all shrouded in secrecy but I heard that the product will be called “SoftApple” and will run on a BlowJob (oops!) BillJob platform and powered by a Applegate processor. Stay tuned for the launch!