意料之外，情理之中？

皇者Apple雖然增收增益，勁道卻有限。看來高階市場飽和，勢不可擋。



神器5s加持，iPhone整體實際銷量僅年增320萬支，來到5100萬支。





Apple上季財報，576億鎂營收優於預期；營益小增2.5億鎂至174.63億鎂；淨利持平（130.72億 vs 130.78億）；現金部位再增加120億鎂。



• iPhone units: 51 million versus 54.7 million expected by sell-side analysts and 56-57 million expected by buy-side analysts
• iPad units: 26 million versus 25 million expected by sell-side analysts and 24-25 million expected by buy-side analysts
• iPod units: 6 million versus 8 million expected by sell-side analysts
• Mac units: 4.8 million versus 4.6 million expected by buy-side analysts
• Revenue: $57.6 billion versus $57.43 billion expected by sell-side and $58 billion expected by buy-side analysts
• EPS: $14.50 versus $14.08 expected by sell-side analysts and $14.35 expected by buy-side analysts
• iPhone ASP: $637, which is way up, sequentially. Last quarter, iPhone ASP was $577.
• iPad ASP: $441, about the same as last quarter when it was $439
• Cash: $159 billion, up from $147 billion last quarter.
• March quarter revenue: $42-$44 billion versus $45.74 billion expected by sell-side analysts



iPhone 5s光環褪色，期待明天會更好。

The overriding theme from tonight's results will be an increased debate about iPhone unit growth going into the iPhone 6 product cycle (likely Fall 2014). More specifically, we believe the debate will be centered around the trade-off between higher ASPs (exceeded expectations in Dec-13) vs lower unit growth (lower than expectations at 7% in Dec-13). The second key topic will likely center on clarity around new products and Apple's growth outlook beyond 2014. We remain buyers of AAPL as we enter the iPhone 6 cycle and the potential for new products in the back half of 2014.
- Gene Munster@Piper Jaffray