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Estimates for Apple's first quarter earnings (January)

Oppenheimer on the concall:

We expect revenue to be about $23 billion compared to $15.7 billion in the December quarter last year. We expect gross margins to be about 36%. We expect OpEx to be about $2.325 billion.

We expect OI&E to be about $65 million. And we expect the tax rate to be about 25.5%. We’re targeting EPS of about $4.80.

Here are my expectations:

  • iPhone units:  16.2 million (85% growth)
  • Macs: 4.3 million (27% growth)
  • iPads: 6 million
  • iPods: 18.9 million (-10% growth)
  • Music growth: 20%
  • Peripherals growth: 28%
  • Software growth: 11%
  • Total sales: $25.5 billion (63%y/y growth)
  • GM: 37.5%
  • EPS: $5.86 (60% y/y growth)