FQ3 iPad units would've been down only 3% Y/Y rather than 14% if not for channel inventory...
Jul 23 2013, 18:18 ET
FQ3 iPad units would've been down only 3% Y/Y rather than 14% if not for channel inventory shifts, CFO Peter Oppenheimer states on Apple's (AAPL) CC. But that figure still implies share loss, given industry growth. iPad and iPhone channel inventories fell by 700K and 600K Q/Q. iPhone sales rose 51% Y/Y in the U.S., 66% in Japan, and 400%+ (off a low base) in India, even as they fell elsewhere. $106B of Apple's cash is offshore. $4B spent to repurchase 9M shares in FQ3, but more shares retired (hence the $16B repurchase figure). Share count lowered by 22M Q/Q. Greater China iPhone sell-through -4% Y/Y; Mainland China +5%, Hong Kong -20%. DRAM pricing is pressuring margins; NAND flash prices are stable, and LCD prices have fallen. App Store revenue was $2.4B. Shares +3.5% AH. (more on Apple) (live blogs: I, II)