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recent quarterly results from Apple is unusual, but the company figures are, however, phenomenal

Not Rated Monday of last week, I was in the country of sin

pleasures they enjoy, like traveling through a TGV landscape of ancient villages, Romanesque churches, the vineyards of the Rhone - and a couple of nuclear power plants. All this without our friends in the TSA.

Back in the valley, Apple has released its latest quarterly results. They were not as good as expected, a fact which has launched a barrage of comments from blatant prostitution page views (I look at you, Henry) to calm, but he was concerned (see discussion of Richard Gaywood).

As I will try to explain below, the latest quarterly results from Apple is unusual.

But, stepping back a little, the company figures are, however great.

net sales, up 23%, more than three times higher than Amazon - and net income for Apple was more than 1000 times larger, $ 8.8 billion ( £ 5.6 billion) is minuscule $ 7 million for the Seattle giant, whose shares rose after reporting its results release anyway.

As for Google, sales of Apple's $ 35 billion is more than triple the $ 11.3 billion Google (including Motorola, for the first time), with net income figures in a similar proportion of $ 2.8 billion and $ 8.8 billion, respectively.

End comparisons with Microsoft, its sales rose 4% to U.S. $ 18 billion, about half of those from Apple and for the first time, the company recorded a net loss of $ 492 million due to $ 6.2 billion write off large aQuantive, an event. Excluding these, Microsoft net income would have been approximately $ 5.5 billion, two-thirds of Apple. iPhone revenue, to $ 16 billion in the quarter is approaching the number of the entire company Microsoft. IPad, 9 billion, or about half

For in-depth coverage of Apple Q3 FY 2012,

you can turn to Philip Ellmer-DeWitt Apple 2.0 or Horace Asymco Dediu of - perhaps the best source of industry analysis grained. I also recommend John Gruber of Daring Fireball links and pithy comments carefully selected, and the Smartphone wars Brian Hall - comments and strong views, often expressed in language NSFW

course, you can browse 10-Q SEC filing from Apple, if you have time and inclination. Of particular interest is Section 2 MD & A Management Discussion on page 21.

In this torrent of information and arguments, I suggest you look at three issues.

First, the 3% "Miss",

Wall Street term for failing to hit the mark in sales. I'm not guessing games played by Wall Street analysts, both pros and amateurs called. In the past, fans have been a consistent best estimate of revenues, gross profit, gain, drive volume, but this time, the pros won. Although most people greatly overestimated the number of Apple, the benefits are not as optimistic as fans.

Instead of measuring performance against the predictions of Apple traders and observers, we can remember what the company told us to wait. About a month in each quarter, management provides an official estimate, but without the participation of revenue for the quarter. This guide is a delicate dance: he wants to be cautious, wants to sandbag a little, but not as the numbers are not taken seriously. Inevitably, a large number of second guessing ensues.

Apple has always fought its own guidelines, 19% over the last three years, and up to 35% in Q1 2010. Apple management
offers explanations for the press conference after the publication of its results: the economy in Europe is not so well, "rumors" about the iPhone 5 sales have slowed iPhone 4s. These could very well be the causes of poor performance, but one must ask: did they not known these problems two months ago when the guide number is announced? Apple is lauded for its superbly managed supply chain, distribution network worldwide, attention to detail. How can you not see that the European economy was already cooling? How could management have heard the constant hum of an upcoming iPhone?

other words: what you know and when did they know? And if you did not know, why do not you?

There is another possible explanation: Samsung made more substantial progress than expected
as impressive quarterly figures just released by testifying: the smartphones shipped 50.5 million, almost double the 26 million Apple.

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