Impressively, according to management, 45 percent of iMac customers were first-time buyers of Apple products, ... While we think this number could be high, clearly it points to the strength of the company's products as well as it potential to drive share gains through further expansion into the consumer market.
More Quotes from Steven Fortuna:
Hurd continues to realize cost savings well ahead of plan.Steven Fortuna
Sun remains a show-me story, ... The jury is out on whether the company can stay in the black on a consistent basis.
Steven Fortuna
Last night, Apple pre-announced a massive shortfall in expected revenue for the current quarter as well as for the remainder of the fiscal year. This does not come as a surprise to us, although the magnitude of the shortfall surpassed even our low expectations, ... We believe it is important to note that we have been much more negative regarding the Apple story than the Street consensus over the past several months.
Steven Fortuna
While November (pre-Thanksgiving) did see a sequential increase in weekly (telephone sales) call volumes, we believe it was slightly below expectations.
Steven Fortuna
We had been looking for 13 percent unit growth and 8 percent average unit price expansion owing to iBook and higher-priced iMacs, ... The company delivered 12 percent unit growth and only 3.5 percent average unit price expansion.
Steven Fortuna
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