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Apple Preview; All Is Well with iPhone
  • Despite growing investor concern, we remain comfortable that iPhone X had a favorable start in Dec-17 and the momentum will continue into Mar-18.
  • We believe iPhone X reached the important global supply-demand equilibrium in mid-January, suggesting a small amount of Dec-17 iPhone X demand spilled over into Mar-18.
  • iPhone ASP’s will be up yy in Dec-17, but the real growth in ASP’s starts in Mar-18.
  • While important, Services take a back seat to iPhone this quarter.
  • The threat of multiple compression as the risk to AAPL shares when investors shift their focus to FY19 revenue growth expectations of 3%, down from 19% in FY18.

Three key topics on the report. Apple reports Dec-17 results on February 1st. The three key topics in order of importance:

Other less important topics.

Disclaimer: We actively write about the themes in which we invest: artificial intelligence, robotics, virtual reality, and augmented reality. From time to time, we will write about companies that are in our portfolio.  Content on this site including opinions on specific themes in technology, market estimates, and estimates and commentary regarding publicly traded or private companies is not intended for use in making investment decisions. We hold no obligation to update any of our projections. We express no warranties about any estimates or opinions we make.

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