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Day March 21, 2012

5by5 | The Critical Path #30: Jetlag

5by5 | The Critical Path #30: Jetlag.

The thirtieth Critical Path is an extended edition covering a broad sweep of topics: The new iPad and the value of filling the gaps, trip report on the Apple Investor Summit, conversations with a TV show writer, Tim Cook’s attack on the cash mountain and an update on Asymconf. Horace also talks about his cure for jetlag.

Estimates for Apple's second fiscal 2012 quarter

As the chart below shows, the last quarter (fourth calendar 2011, first fiscal 2012) was robust with 116% earnings growth and 73% net sales growth. I’ve heard many superlatives used to describe it. It is certainly exceptional but it was not as good as the second calendar quarter of 2011.

Sales grew faster both in CQ1 and CQ2 of 2011 and earnings grew faster in CQ2. It was in many ways a return to normality due to the iPhone returning to 133% revenue growth after the lull of the transitional third quarter.

Now it’s time to consider the current quarter.