Update 8:25pm: Almost all Apple stores out of iPhones...
So you thought Apple earnings were on deck this afternoon? Well, true enough, but the world seems more focused on Steve Jobs.
Apple Inc. Chief Financial Officer Peter Oppenheimer on Monday called the health of Apple CEO Steve Jobs "a private matter," and that Jobs has no plans to leave the company.
Earnings? Who cares?
Ahead of Apple's scheduled earnings report, the New York Post revived those concerns this morning with a story quoting hedge fund managers saying they had sold Apple stock because of continuing concerns about Jobs' health. Apple has never revealed its succession plan, which aggravated the traders' worries. And a Fortune magazine story in March said Jobs and Apple's board hid the diagnosis for months.
But what about those earnings? Looks like earnings were strong, but forward guidance was the concern:
Looking ahead, the company is expecting revenue of about $7.8 billion and earnings per share of about $1.00 in its fiscal fourth quarter, which ends in September. That's well below the $8.32 billion in sales and $1.24 earnings per share estimate that analysts are forecasting.
For the fiscal year 2009, which begins in September, Apple expects its gross margins to shrink to 30%.
I guess 4-hour lines the past week for a 3G iPhone weren't good enough. If "beat by a penny" earnings results are good enough to beat the street and send stocks higher, maybe we should've hoped for iPhone waiting lines of 4-hours and 1-minute.
As the article notes, AAPL tends to be conservative in future guidance. That aside, investors have shown that the financial numbers may not be as big of a concern as the health of Steve Jobs.