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哪里可以看到苹果 2012 财年四季度分析师会议的全程文字记录

Apple Talks Lower Margins Now, Ginormous Sales Later - Arik Hesseldahl - News - AllThingsD | http://allthingsd.com/20121025/liveblogging-apples-q4-earnings-call/2:02 pm: And the call is getting under way. CFO Peter Oppenheimer is speaking.Oppenheimer: 4.9 million Macs is 1 percent growth, and a record for a September quarter, and is better than the 8 percent market contraction that IDC predicted.Oppenheimer is now running through the product announcements made earlier this week. Mac Channel inventory is three to four weeks, below target of four to five weeks. Now he’s talking about iPod, which is still the top selling MP3 player in the world. Apple sold 5.3 million iPods during the quarter.iTunes brought in $2.1 billion in revenue. A revamped iTunes is coming. No mention yet of the radio service that was reported earlier today and totally killed Pandora shares.Oppenheimer: Now speaking about iPhone 5. Demand has been phenomenal, he says. Demand outstrips supply. We ended the quarter with 9.1 million iPhones in channel inventory and that’s below target of four to six weeks channel inventory.Oppenheimer: Talking about business adoption of iPhones. Canon has given them to its field sales team.2:08 pm: Oppenheimer: Amtrak uses an in-house app for ticketing; reporters around the world are using iPhones to capture video.And now he’s talking about iPad. They were ahead of our expectations. Strong sales year over year.Oppenheimer: Recognized revenue from iPad and accessories was $7.5 billion vs. $6.9 billion. Ended quarter with 3.4 million iPads in inventory, just higher than the target of three to four weeks.Oppenheimer: Volkswagen has developed in-house iPad apps across the company. Also a Chinese insurance company, the name of which I will not attempt to spell.Oppenheimer: We will not stop until Maps — the troubled iPhone app — lives up to our standards.Oppenheimer: Apple finished the quarter with 390 stores.Oppenheimer: Operating expenses were $3.5 billion. Cash: $121.3 billion up from $117.2 billion last quarter. Increase was net of $2.5 billion worth of dividends paid, which amounts to $2.65 a share. About 82 percent of cash was offshore. Also, in August, Apple said it would buy back some shares.Oppenheimer: Here’s the outlook. Revenue at $52 billion vs. $43.6 billion. Gross margin 36 percent. Opex $4.05 billion. EPS $11.75.2:17 pm:Oppenheimer is wrapping up which means its almost time for the Q\u0026amp;A.Katy Huberty: Asks about the possibility of EPS declines year on year. What’s driving the gross margins down?Oppenheimer: The change year over year is being driven by the extra week last year. That along with a stronger U.S. dollar and the change in gross margin.Oppenheimer: As you pointed out, this is the most prolific product period in Apple’s history. New products represent 80 percent of expected revenue. We’ve never before introduced so many new products with new form factors at once, and each one has higher costs. (I’m paraphrasing here.)Oppenheimer: We’re heading into the quarter with the strongest iPhone line-up ever. Also, the iPad mini is priced aggressively. Its gross margin is significantly below the corporate average. (I guess that answers the critics who said the price wasn’t low enough!)2:22 pm: Oppenheimer: We will work hard to get down the cost curves and improve our efficiencies. To be in a position to anticipate demand for $50 billion or more in revenue reflects our strength.CEO Tim Cook is speaking: We’re unwilling to cut corners. This is the reason our customers choose to buy our products. We’re managing the company for the long run and will make great long-term decisions.Question from Bill Schope of Goldman Sachs: Asking about the supply ramp for the iPhone in the holiday quarter.Cook: Demand for iPhone is extremely robust. We are in a significant state of backlog right now. Our output has improved significantly. I’m very pleased with the progress. This is the largest volume ramp in Apple’s history. Difficult to predict when supply and demand will balance.Question from Toni Sacconaghi from Sanford Bernstein. He’s asking again about the ramp of iPhone. Do you expect all 100+ countries this quarter? And will the supply contraints have material impact on cost of goods sold? Will COGS decline?Cook: In regard to the first question, we still continue to expect to roll out to 100 countries. It is our largest ever, there will be some larger countries in December. With each new product we see learning curves in terms of production. The difference is the number of new products that we have moving at once. This is the most prolific period in our history in terms of new product introductions. We do see all of these costs associated. But I don’t see costs accelerating on a per-unit basis.2:28 pm:


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