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$SPLS said that 1Q16 total company sales were $5.1Bil, down 3% vs. 1Q15. Non-GAAP total company sales fell 1% vs. 1Q15, excluding a 1% headwind from changes in FX rates and a 1% headwind from stores closed in North America during the past year. Gross profit margin fell 33 BP to 25.3% vs. 1Q15, reflecting lower product margin rates internationally.
Apple ($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%."