Here Is What the Analysts Are Saying About Q3 2015 iPhone Sales
iPhones sales have grown 35% year-over-year, as Apple reported 47.5 million units for the past quarter. Still, its stock price was down in after-hours trading, as Wall Street analysts say Apple has failed to meet expectations, despite revenue growth of 33% and $202 billion in cash.
The best estimates for this quarter came from a pair of independent analysts, as highlighted by Philip Elmer-DeWitt, while professional analysts such as Credit Suisse’s Kulbinder Garcha had set their expectations too high (56 million units, remember?).
So now, after the earnings call has ended, analysts have rushed out their notes to investors to explain their take on Apple’s numbers (via Fortune). Katy Huberty of Morgan Stanley, for example, says that iPhone sales failed to meet expectations, despite iPhone revenue growth ($665 vs. the $640 estimate) and strong demand.
Gene Munster of Piper Jaffray remains positive on Apple’s future growth, as “despite noise, critical themes intact” he says.
While some investors will view the 48.1 million iPhones (ex channel drain) as a disappointment below investor thinking for more than 49 million units, the reported unit sales represent significant market share gains. For the Watch, we estimate Apple sold around 2.5 million units, which was in-line with investor expectations.”
Daniel Ives seems to disagree with Munster, because the numbers are “softer” than Wall Street expected. He is impressed by the 100%+ growth recorded in China, but Apple has become “prove me stock” by the latest numbers, he says.