tag:blogger.com,1999:blog-89493221162734416802025-12-28T00:27:02.501-08:00Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comBlogger206125tag:blogger.com,1999:blog-8949322116273441680.post-48430326612407130762016-07-17T12:56:00.002-07:002016-07-17T13:17:44.170-07:00

I’ve been tracking the performance of Apple for nearly twenty five years and chronicling the twists, turns, successes and changes at the company for most of that time. Over the past several months I’ve taken time to look at the company in several different ways and today I will mention three items I consider important for long-term shareholders of the company. These items are the share

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-58566979935998785542015-08-30T08:24:00.002-07:002015-08-30T09:00:23.247-07:00

“In the fiscal year beginning in late September, Apple will generate over one-quarter trillion dollars in revenue and sell more than one-quarter billion iPhone handsets. In the upcoming December quarter the company will set yet another record for corporate profitability in a three-month period.” I posted the above paragraph as a comment on a recent column by Philip Elmer-DeWitt about Apple’s

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-53030122180382698812015-08-25T22:49:00.000-07:002015-08-25T22:50:32.920-07:00

I’ve been receiving inquiries about when I will publish my next article. My answer is: “Soon.” I primarily cover Apple’s fundamentals with an emphasis on performance trends. I’m sure what I describe as a “Weird, Whacky and Wild Stock Market Ride!” has created some curiosity as to how I view Apple and the market in the midst of this rollercoaster ride on Wall Street. Because I follow Apple’s

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-49177516540181212542015-06-13T20:40:00.001-07:002015-06-16T09:09:49.609-07:00

On Friday, June 12th, Apple’s share price closed at $127.17. This represents a valuation of 15.72 times trailing 12-month earnings of $8.09 and about 14.10 times the current Wall Street consensus earnings per share estimate of $9.02 for the fiscal year ending in late September. As I will illustrate in this article, I consider today’s valuation of Apple to be low and I expect the share price

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-76015207449837089792015-03-28T23:15:00.002-07:002015-03-28T23:50:20.754-07:00

Since the release of Apple’s larger-screen iPhone handsets last fall, the company has entered a new era of growth. My forecasting models suggest the company will deliver impressive rates of revenue growth through this fiscal year and through at least FY2016 which commences in late September. While the iPhone currently delivers about 70% of the company’s reported revenue, the resurgent iPhone

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-65008343128833348532015-02-28T19:29:00.003-08:002015-02-28T19:29:45.083-08:00

On February 27th Apple’s share price ended the month’s trading at $128.46 after achieving an all-time high of $133.60 in intra-day trading on Tuesday, February 24th. The closing price represented an 8.82% rise in the share price from the opening bell on Monday, February 2nd and a 17.70% rise in the share price since the release of December quarter results on January 27th.  Speculation

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-12465512113232787662015-01-31T19:32:00.001-08:002015-01-31T20:08:01.638-08:00

On Tuesday, January 27th, Apple announced December quarter results with record revenue of $74.599 billion, record net income of $18.024 billion and record earnings per share of $3.06. Beyond those superlatives, Apple also set a global record for quarterly net income of any publicly-traded enterprise in history. The depth, spread and scope of Apple’s December quarter success caught even the most

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-50014651310363321132014-12-27T18:43:00.000-08:002014-12-27T19:33:07.098-08:00

On Saturday, December 27th, Apple’s first quarter of FY2015 drew to a close. While management has guided to revenue of between $63.5 billion and $66.5 billion in the period, the current Wall Street revenue consensus estimate of $66.46 billion is already pushing against the upper threshold of management’s revenue guidance range.  Apple’s Global Expansion Apple manages its business on a

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-33951015190911242612014-11-29T18:41:00.000-08:002014-11-29T20:15:31.773-08:00

On Friday, November 28th, Apple’s share price closed the month’s trading at $118.93, up 9.9% from the opening price on November 3rd and up nearly 10.5% from the opening price on September 29th, the first trading day of the fiscal year.  Recent analyst revenue upgrades and price target revisions have provided support for the share price. The current Wall Street consensus revenue estimate

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-17044098447257868392014-10-25T22:51:00.001-07:002014-10-25T23:28:18.249-07:00

On October 20, 2014, Apple announced results for the fiscal quarter ended September 27, 2014 and for the fiscal year that ended the same day. For the fiscal year, Apple’s revenue rose about 7% to $182.795 billion while earnings per share rose about 13.6% to $6.45 due to year-over-year growth in net income and the ongoing $90 billion share repurchase program. For the fiscal year, Apple set

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-36829360832131903192014-09-27T17:00:00.005-07:002014-09-27T18:52:04.978-07:00

Over the past few years much of Apple’s revenue growth has been fueled by the expansion of the number of iPhone carriers outside the Untied States. In the first nine months of the current fiscal year, Apple’s revenue moved higher by 5.42% to $140.672 billion. During this time, revenue in Apple’s Americas region rose by only 0.38% to $48.985 billion while revenue rose in the Greater China region

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-52704771930113641592014-08-30T20:43:00.001-07:002014-08-30T20:43:28.334-07:00

On Friday, August 29th, Apple’s share price ended the month’s trading at an all-time closing high of $102.50 after setting an all-time trading high of $102.90 earlier in the day’s session. For the month of August, the share price rose about 8% from the opening price of $94.90 on August 1, 2014. Since Apple announced the return to profit growth following the close of trading on April 23, 2014,

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-12322571636625828392014-07-26T22:47:00.000-07:002014-07-27T07:14:28.066-07:00

On Friday, July 25, 2014, Apple’s share price reached a 52-week closing high of $97.67. This was also the highest split-adjusted closing price since September 24, 2012 and within range of the all-time high closing price of $100.30 set on September 19, 2012. From the closing high of 100.30 on September 19, 2012 to the closing share price nadir of $55.79 on April 19, 2013 to Friday’s closing

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-49401632691957000762014-06-28T19:40:00.001-07:002014-06-28T20:01:30.542-07:00

For the fiscal year ending in late September, Apple is on track to deliver reported revenue of over $182 billion versus reported revenue in the prior fiscal year of $170.91 billion. In dollar terms, revenue growth in the range of $12 billion appears more impressive than the underlying revenue growth rate of between 6% and 7%. However, there are factors at work which will lead to faster rates of

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-14106984469413301812014-05-24T19:43:00.001-07:002014-05-24T20:46:29.339-07:00

In the first half of Apple’s current fiscal year, revenue rose 5.22% to $103.24 billion dollars. This is the first time Apple’s revenue surpassed $100 billion in a six-month period and is emblematic of the fact the company’s operations are truly global in scope. According to the company’s SEC filings, Apple manages its business on a geographic basis. The chart below illustrates the company’s

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-63624702288487852632014-04-26T18:43:00.001-07:002014-04-26T20:57:22.355-07:00

On Wednesday, April 23rd, Apple triumphantly surprised the market with a return to net income growth in the March quarter following a four-quarter cycle of declining profitability. Although Apple did not set a record for March quarter net income, the company delivered record March quarter revenue and an impressive 22.40% of revenue to the net income line. The graph below illustrates Apple’s

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-83548555806333224602014-03-29T15:11:00.004-07:002014-03-29T15:39:54.897-07:00

Over the past eight fiscal years Apple’s revenue has risen 1,127% from $13.931 billion in FY2005 to $170.910 billion in FY2013. Over this same eight-year period, Apple’s earnings per share has risen 2,457% from $1.55 to $39.63. The graphs below illustrate the story. Since the migration of Apple’s Macintosh line of personal computers to Intel microprocessors in 2005 through the release of

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-29344794792174466692014-02-22T20:46:00.002-08:002014-02-22T21:57:23.210-08:00

Apple is a global empire with revenue results that place it among the top publicly-traded enterprises on the planet. Apple is also among the largest dividend payers in the world and management is dedicated to returning more than $100 billion in capital to shareholders over a four-year period through a combination of dividend payments and share repurchases. Apple’s brand value is arguably the

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-57687286186884654802014-01-27T22:23:00.002-08:002014-01-27T22:23:26.009-08:00

On Monday, January 27th, Apple announced results for the company’s December quarter (FQ1 2014). The company reported year-over-year revenue growth of $5.65% to $57.594 billion and earnings per share of $14.50 versus $13.81 in the prior-year quarter. Net income at $13.072 billion was lower than the results in FQ1 2013 by $6 million. Earnings per share rose 5.0% due to 45.765 million fewer shares

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-76639387385035639482013-12-28T20:01:00.001-08:002013-12-28T20:01:35.262-08:00

For the fiscal quarter ended Saturday, December 28th, Apple will report record revenue and earnings per share. There’s no disputing the popularity of Apple’s iPhone and iPad product lines. As of today Wall Street analysts are expecting revenue of $57.31 billion and earnings per share of $14.05. This is in contrast to revenue of $54.51 billion and eps of $13.81 in the prior-year quarter. 

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-56307758869610627122013-11-24T21:45:00.001-08:002013-11-24T22:11:10.936-08:00

Apple’s December quarter will be the highest reported revenue quarter in the company’s history and earnings per share will reach a new high as well. During this quarterly period Apple will sell over eighty million iPhones and iPads combined while setting new records for unit sales of the company’s two most popular product lines. Despite these superlatives, Apple is taking a scenic detour on the

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-33748872860301550512013-10-28T22:05:00.000-07:002013-10-28T22:50:00.657-07:00

On October 28, 2013, Apple announced quarterly results for the period ended September 28, 2013. For the quarter, Apple announced revenue of $37.472 billion and earnings per share of $8.26 on 909.131 million fully diluted shares in the count. Net income was precisely 20% of reported revenue in the period.  What surprised the market was Apple’s very conservative guidance for the December

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-74065013929229452202013-09-29T00:57:00.001-07:002013-09-29T01:34:01.097-07:00

On Monday, September 23rd, Apple announced the company had sold more than nine million 5c and 5s handsets in the first weekend of sales. The surprisingly high unit sales number for Apple's newest iPhone handsets caused analysts to rewrite and reconsider their narratives on Apple's prospects for early success.  Speculation turned to talk of high channel supply of the iPhone 5c as the source

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-87767741756446000752013-08-17T14:14:00.001-07:002013-08-17T14:14:11.299-07:00

On Friday, August 16th, Apple's share price closed above $500 for the first time since January. The recent announcement by Carl Icahn of his investment in Apple, the completion of the first big phase of the planned $60 billion share repurchase program and better than expected iPhone sales in the June quarter have combined to catapult the share price off the 52-week low of $385.10 set back in

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.comtag:blogger.com,1999:blog-8949322116273441680.post-20444374561035866592013-07-27T20:02:00.000-07:002013-07-27T21:05:23.642-07:00

On Tuesday, July 23rd, Apple announced results for the company's third fiscal quarter of  2013. The company surprised Wall Street with year-over-year iPhone unit sales growth of 20% to 31.241 million units despite a 600,000 unit reduction in global channel supply to 11.0 million units. iPhone unit sell-through in the quarter was about 31.84 million units.  iPad unit sales were a

Robert Paul Leitaohttp://www.blogger.com/profile/11879679443588605991noreply@blogger.com