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All Eyes on New iPhone

Apple posted solid quarterly results, and boosted its return of capital to shareholders, but the real story remains the new iPhone due this fall, says Morningstar's Brian Colello.


Brian Colello: On Tuesday, Apple reported solid second-quarter results. The only slight issue that came in, iPhone sales were a little light, but really not too bad compared to expectations, compared to a year ago. I think even on an inventory-adjusted basis, on a sell-through basis, iPhone sales were up slightly from a year ago. 

IPad sales were a little bit below our expectations, but in line with management's, so we think that implies a supply issue rather than a demand issue there. The Mac, the pricing is still strong on the Mac thanks to the new MacBook Pro, so even though sales were up slightly, we still see good pricing there. 

Brian Colello does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.