Look Who’s Doubting Apple Now
The analyst cut his earnings estimates for the March quarter to $10 per share, well below Wall Street’s current $11.67 consensus, and also trimmed his full fiscal 2013 projections to $192.1 billion in revenue from a previous $191.9 billion and $47.73 in earnings per share from the earlier $49.04.
“For the [second fiscal quarter], Apple expects revenue of $41 billion to $43 billion (Street is at $45.38 billion) and inline with our $41.9 million projection,” White wrote. “Given our expectation of a shorter launch cycle for the iPhone and iPad, we recently adjusted the seasonality in our model and particularly for the March quarter, which jibes with the outlook that Apple provided last night. As such, we are maintaining our [second fiscal quarter] revenue estimate at $41.9 billion, while adjusting our EPS projection to $10.00 from $10.37 (Street is at $11.67).”
However, he added, profit and sales cycle ere likely to reach their bottoms in the second-quarter of fiscal 2013.