The Case Against Apple

While I first started warning  about Android taking share from Apple in 2009, I was not worried about earnings at Apple. It wasn't until this year that margin compression became an issue for me. But even then, it wasn't clear the issue would knock Apple's share price back. After the latest earnings release, I must change my tune. Estimates got ahead of reality and Apple missed this quarter. But the earnings report issued by Apple yesterday was just fine on top line and unit volume as it handily beat guidance due to the massive upgrade cycle now ongoing. Nonetheless, the report was very alarming on precisely the issues I have been warning about since the beginning of the year, margins, market share and earnings growth. In my view, Apple's ability to leverage existing markets to propel growt...


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