Photo: Kevork Djansezian, Getty Images
Katy Huberty at Morgan Stanley didn’t lower her expectations, but she did address the issue in a note. She says her estimates are already well below the consensus.
So, the other analysts starting to panic are justified.
Here’s one big reason from Huberty:
Apple’s guidance for the June quarter was significantly worse than expected. Apple always delivers weak Q2 guidance. Typically revenue is 2% below analyst estimates, and EPS is 10% below analyst estimates. This time revenue was 9% below estimates and EPS was 12% below estimates.
Apple has only guided this far below expectations once since June 2009, says Huberty, and that was the September quarter of last year when it correctly predicted consumers would buy fewer iPhones as they waited for the next release.
That quarter was a big shocking miss of analysts estimates.
Her June quarter estimate is $34.8 billion in revenue and $9.39 EPS, which are 7-9% below estimates.
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