For now, chief executive Steve Jobs has decided to defuse a minor furore over
the antennas on the new iPhone by giving every owner a free case while
pointing out that the inferior handsets of competitors also suffer a similar
problem. There is no need for more populist measures yet.
Indeed, nine out of 10 analysts still think Apple shares are worth buying.
Before the company announced that it sold 3m of the latest iPhone model in
its first three weeks (a total that took nine months to reach with its first
handset), publishing the most optimistic set of estimates for iPhone sales
had become a sort of competitive sport. Morgan Stanley predicts Apple will
sell 62m iPhones in 2011, but also mentions that the determinedly optimistic
could pencil in 71m units shifted.
Trick
For tomorrow, it would be surprising if Apple did not manage its usual trick
of just beating expectations for sales (where the consensus is $14.6bn) and
earnings ($3.07 per share). The only wrinkle – besides the cost of those
free iPhone covers – is how much such strong demand has stretched the supply
chain for the new phone and for the briskly selling iPad. But margins may be
helped if iPad customers were tempted to buy accessories to go with their
new toys.
Still, finding new customers to meet lofty expectations for handset sales may
require greater margin sacrifices than giving away free covers, not to
mention the danger that Apple’s billions are spent unwisely. Antennagate
should be a reminder that popularity is much harder to retain than it is to
win.
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