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YTD, $SPLS eliminated $200MM of annualized cost including approx. $50MM of annualized expense reduction. The company is on track to achieve approx. $250MM in annualized cost savings this year bringing total annualized cost savings for 2014 & 2015 combined to more than $500MM. Excluding the impact of charges, non-GAAP effective tax rate was 33.5%.
Apple ($AAPL) reported decline in sales and profits from comparable quarter last year, attributing the decline to announcement of iPhone 7/7s. Sales and profit are being guided higher for next quarter. Apple is a solid company and will continue to dominate tech and consumer electronics segment for a while. Personally, looks like there is little downside in this investment.
Waiting with fingers crossed for $AAPL’s fourth quarter earnings.
Looking ahead to $AAPL earnings release later in the afternoon today? Gene Munster, analyst from Piper Jaffrey and the most respected authority for Apple, had this to say - "The second and slightly larger group of investors believe the tail of the iPhone 7 is irrelevant, and is betting that the iPhone 10th Anniversary will yield a jump in growth from flat to up ~15%."