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Apple Misses on Earnings - No Big Surprise Here

|Includes: Apple Inc. (AAPL)

Were you one of the faithful, one of those unfortunate soles caught in the Reality Distortion field, the phenomenon that was so often associated with the late, and great, Steve Jobs? Were you smitten by the thousands of people waiting in line for an iPhone 4S.

Yes? Well then it's understandable that you failed to see why earnings fell short. By all accounts, both credible and covert, Apple was to reveal an iPhone 5, but they didn't. Many thought they would have released the iPad 3 by now as well, but they didn't.

Instead we got a rehashed iPhone 4 and a spruced up iPad 2. Was it to save money? Or was it because they felt the first incarnations of the iPhone 4 and iPad were bombs...not externally, but internally. And Steve couldn't live with that. No pun intended.

Let's face it, when the iPhone 4 came out it was by all accounts an incredible achievement, but it had a serious flaw. Apple did a masterful job at covering it up. I'm speaking of the antena of course. They masked the flaw with a free bumper.

But that wasn't the way Steve envision his phone in the wild. He saw the iPhone 4 as a thing of beauty; a piece of hardened steel sandwitched between two saphire-hard sheets of glass. How Zen! That vision was spoiled by antena-gate.

I'll bet anything that Steve Jobs was infuriated when the antena flaw came to light. He probably thought you might as well have wrapped the iPhone in electrical tape. So, he insisted on getting it right before moving on to the next generation iPhone. And so, that's what Apple did, they got it right, because that's the way Steve wanted it. Diddos for the iPad.

And if you think Steve was concerned about missing numbers at earnings, versus getting the product right, then you're delusional. Steve would have taken a 20% hit in earnings rather than settle for less than perfect. And so that's why the iPhone 5 and iPad 3 were delayed, and why Apple earnings came up short...because Steve said let's step back, do it right, then go forward.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.