Steve “Sex-In-A-Box” Jobs is pleased to announce that one of Apple’s best-loved products–its stock–is now 35% off. If you liked it at $200, you should love it at $130, because the company’s real growth story (Macs) is intact.
iPod product transition? Yes. But you knew that already. iPhone years from generating meaningful revenue? Yes, but you knew that already, too–and don’t forget that the iPhone’s cash flow-generating power is awesome ($399 in bank today, revenue spread over 24 months).
And, most importantly, Apple’s largest and fastest growing business, computers, is still roaring along. Mac revenue growth accelerated to 44% in Q4, the fastest growth in years, and Macs now account for more than 40% of Apple’s revenue and are a bigger business than iPods. What’s more, with the Windows hegemony cracking apart, Macs are cleared to gobble up more and more market share.
So if you’ve always drooled at the thought of owning Apple’s most famous product but were appalled by the price, whip out your spreadsheet. As Warren Buffett has wisely noted, when hamburgers go on sale, people can’t buy enough of them–but when stocks go on sale, people run for the hills. Think different!
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