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Edition: U.S. Article Comments (4) Follow Reuters Facebook Twitter RSS YouTube Read Silver turns lower after rally, gold retreats | 11:05am EDT "Water for Elephants" a lost opportunity 8:19am EDT Five women brutally murdered in Mexico beach resort 23 Apr 2011 Leaked Guantanamo files reveal detainee details: report 8:40am EDT Special Report: Is Buffett's teflon finally wearing off? 9:28am EDT Discussed 131 Texas governor calls for prayers for rain 129 Obama sees no magic bullet to push down gas prices 64 U.S. sends drones to Libya as battle rages for Misrata Watched NATO jets bomb Gaddafi compound 6:27am EDT Gunfire and tanks in Syria Sun, Apr 24 2011 Chernobyl Legacy 6:24am EDT Apple's iPad miss prompts cuts in forecast Tweet Share this By Poornima Gupta SAN FRANCISCO (Reuters) - Apple Inc surprised no one with yet another quarter packed with spectacular numbers. But a miss in sales targets on the iPad may prompt some to temper their lofty views. Apart from the iPad hiccup,... Email Print Related News Samsung countersues Apple over iPhone, iPad Fri, Apr 22 2011 iPhone helps Verizon, but not enough for some Thu, Apr 21 2011 NY Times gains online subscribers, but woes linger Thu, Apr 21 2011 Nokia sees weaker times after strong first quarter Thu, Apr 21 2011 Apple crushes forecasts again, iPad backlogged Wed, Apr 20 2011 Analysis & Opinion Tech wrap: Apple beats Google to the music cloud Morgan Stanley deal redoubles pressure to improve Related Topics Technology » Music » Media » iPad » Steve Jobs » Stocks Music from the legendary band The Beatles is seen on Apple's itunes music store website seen on an imac computer in New York, November 16, 2010. Credit: Reuters/Mike Segar By Poornima Gupta SAN FRANCISCO | Sun Apr 24, 2011 11:41am EDT SAN FRANCISCO (Reuters) - Apple Inc surprised no one with yet another quarter packed with spectacular numbers. But a miss in sales targets on the iPad may prompt some to temper their lofty views. Apart from the iPad hiccup, investors appeared uniformly delighted with the near-doubling of the company's profit, sending its stock up 2 percent. The stunning showing -- again -- alleviated Wall Street's main concern: pressure on margins from Japan's disaster. And it seemed a sterling report card for Tim Cook, the heir apparent to Steve Jobs, now on his third medical leave and widely expected not to return. But Apple will face some tough year-over-year comparisons in coming quarters. Its double-digit growth rate on sales, which skyrocketed 83 percent to nearly $25 billion last quarter, may be hard to sustain. "They are going to have comparison issues on the growth side," said Michael Walker, portfolio manager at WP Stewart. "They can't grow 83 percent forever. There's no way." Apple sold fewer-than-expected iPads, at a little under 5 million versus estimates of up to 6 million, as the transition to a new model and Japanese supply chain tangles triggered shortages of critical components. IHS iSuppli now estimates Apple will ship 39.7 million units for all models of the iPad this year, slashing 9.2 percent off its February figure of 43.7 million. "While Apple is now on track to significantly increase its production volume in the second quarter, the company reportedly is still falling substantially short of its target production goal for April," said Rhoda Alexander, director of monitor research at IHS. Still, at 39.7 million, IHS' forecast is on the higher side of Street estimates. BofA Merrill Lynch took down its forecast for iPad sales a tad to 26.4 million from 26.8 million. JPMorgan now estimates Apple selling 27.3 million, down from 28.9 million. Investors remain wary of the dangers a prolonged logistics disruption in Japan -- which supplies more than one-tenth of the world's electronics -- pose to the global tech supply chain. Apple is said to rely on Asia's second-largest economy for crucial touchscreen and internal components. Shares of Apple ended last week up 2.4 percent at $350.70. But that only brings the world's most valuable technology company back to where it was before the March 11 earthquake. BENCH STRENGTH Cuts aside, the company is on a tear and demand has never been an issue. Sales of the iPhone more than doubled, and made up almost half of revenue in the March quarter. On the iPad 2, Apple said it sold every one it could make. On Thursday, more than 10 brokerages raised their price target on the stock, with Ticonderoga Securities expecting the shares to touch $612 in the next year. "Is (Apple) a grown-up company? Yes. Is it a well managed company? Absolutely," Alex Gauna, analyst with JMP Securities, said. "Does it have talent internally beyond Steve Jobs? It sure does." Under Cook, Apple embarked on a global roll-out of one of its most high-profile products, the iPad2, that was largely successful despite a slow global economy and a major earthquake in Japan, which houses hundreds of its parts suppliers. Apple saw a limited impact in the quarter on supply or component pricing from the disaster and said it did not see any unsolvable problems. "The fact that they keep performing quarter in, quarter out, is a testament to the bench strength of management talent," said Barry Jaruzelski, a partner with Booz and Co who leads its global technology practice. The big growth story, though, is causing him to wonder if the law of large numbers may soon catch up. "To grow 10 percent of a $100 billion company, which is now their run rate ... you need to find $10 billion of new revenue," Jaruzelski said. "That means you need to find one and half Fortune 500 companies each year just to grow 10 percent." But investors are not too worried for now, given its enviable place with well-designed products and market dominance. "People who worry about the size of Apple don't understand the sheer size of the markets they are selling in," Walker said. "One way we look at it is that there is about $950 billion spent on IT every year." "Apple addresses almost $600 billion of that $900 billion." (Reporting by Poornima Gupta; Editing by Steve Orlofsky) Technology Music Media iPad Steve Jobs Tweet this Share this Link this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (4) Eideard wrote: Keep the whiners in the mix. Every time these so-called analysts work the share price down another 5% I can buy more. Not that I don’t think they’re getting paid by someone doing the same. Apr 24, 2011 3:21pm EDT -- Report as abuse LaughingBoy48 wrote: What a sick joke Apple’s share price is. They had a blowout quarter and sold more tablets than any other company in the industry and the stock price went up less than 3%. The Apple stock bulls must have been in utter despair after bragging the stock would run up to $380 or so after earnings. They’re lucky the flaccid stock didn’t go down. Big deal that analysts are cutting estimates after the iPad sales miss. The stock isn’t going anywhere whether they cut estimates or not. This stock isn’t even close to target prices, so even if they cut the stock’s target prices by 20% it would be right where it is now. Apple is supposed to sell between 45 and 60 million iPads this year so even if they only sold 45 million, that would be three times as many as they sold last year. That’s a hell of a lot of revenue. Apple is doing great but shareholders will continue to get shafted no matter how many iDevices Apple sells. No investors are going to buy Apple because the stock will never reach even the lowest target estimates. Share price will be continue to be driven down by Wall Street because they’re all sure this stock will collapse along with Steve Jobs. Apple will very easily sell 45 million iPads this year, so those analysts are just manipulating knuckleheads that are always getting Apple numbers wrong. They’ll assume that Amazon can sell that many Android tablets without yet selling one because they like Amazon stock and Android for some irrational reason. But even if Apple sells 50 million tablets, Apple shareholders will be completely screwed as the stock will never see $380 for the whole year. Whatever Ticonderoga is smoking, I want some of that. They are absolutely delusional about a stock that probably won’t be able to stay above $350 this quarter. Apr 24, 2011 4:00pm EDT -- Report as abuse garilou wrote: Usually, the more analysts praise a stock and raise the targets, the more dangerous it gets to buy that stock. Especially stocks that are so widely held by big funds. And Ticonderoga is just one of those: “We believe the risk-reward is becoming so favorable that even value investors should begin buying the stock”! Isn’t it somewhat late? Just as insiders are selling massively since one year, and mostly since February-March. Apple should start sharing and distribute generous dividends, it’s only hope to give it’s share price a little upside for a few more years. For me, Apple shares are strangely similar to Rim’s shares a few years ago, when RIM became the #1 growth company on Fortune, a few weeks before it’s big crash. Apr 25, 2011 2:20am EDT -- Report as abuse See All Comments » Add Your Comment Social Stream (What's this?) © Copyright 2011 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Mobile Newsletters RSS Podcasts Widgets Your View Analyst Research Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Super Lawyers Attorney Rating Service Reuters on Facebook Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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