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Apple: Will Sept. Quarter Guidance Disappoint the Street?

July 15, 2008
by Eric Savitz
Blogger and Columnist, Barron's, Tech Trader Daily

Eric Savitz

Apple (AAPL) has a well-established pattern of low-balling its financial guidance–and BMO Capital’s Keith Bachman thinks we will see more of the same when it comes to the September quarter.

In a research note this morning, Bachman takes a look at the direction Apple is likely to provide on September quarter numbers. He notes that in the past, the company has guided to 3 to 5 percent sequential revenue growth in the September quarter, which he notes would suggest revenue of $7.7 billion to $7.75 billion, versus the current consensus of $8.27 billion. He notes that iPhone sales in the quarter should jump to north of four million from around 700,000 in the June quarter, but that most of the revenue is deferred, given the company’s policy of recognizing revenue from the phone over a two-year period. Bachman thinks Apple could guide EPS for the quarter to $1 a share, versus the Street consensus of $1.24.

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