However, Apple’s revenue forecast for the September quarter was below estimates. [Nasdaq ETF Highest Since 2000 After Streak]
“Similar to the timing of product launches in 2012, we think Apple’s forecast implies a new iPhone launch at the very end of the September quarter, at best,” the Morningstar analyst said. “We’d be very encouraged by this forecast if it turns out that no new products hit the market in September, as it would imply less lumpiness around Apple’s product sales.”
Apple’s guidance fell beneath expectations “as it becomes increasingly clear that planned new ‘Fall’ products will either too late in the quarter to have an impact, or will not launch until [the fiscal first quarter of 2014],” added analysts at Hudson Square Research.
Full disclosure: Tom Lydon’s clients own AAPL and QQQ.