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Review of Apple Financial Results
update 7/22/14
Shawn DuBravac
@twoopinions
Timing of Apple Product Launches
Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2007 2008 2009 2010 2011 2012 2013
iPod
iPhone
iPad
Unit Volume
iPod Unit Volume
0
5,000
10,000
15,000
20,000
25,000 1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
iPhone Unit Volume
0
10,000
20,000
30,000
40,000
50,000
60,000 1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
iPad Unit Volume
0
5,000
10,000
15,000
20,000
25,000
30,000 1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Mac Unit Volume
0
1,000
2,000
3,000
4,000
5,000
6,000 1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Unit Volume (TTM)
iPod Unit Volume (TTM)
0
10,000
20,000
30,000
40,000
50,000
60,000 1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
iPhone Unit Volume (TTM)
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
160,000
180,000
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
iPad Unit Volume (TTM)
0
10,000
20,000
30,000
40,000
50,000
60,000
70,000
80,000 1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Mac Unit Volume (TTM)
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
16,000
18,000
20,000 1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Unit Volume Growth
iPod Unit Volume
-60%
-50%
-40%
-30%
-20%
-10%
0%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
ipod
Year-over-Year Change
iPhone Unit Volume
0%
20%
40%
60%
80%
100%
120%
140%
160% 1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
iphone
Year-over-Year Change
iPad Unit Volume
-50%
0%
50%
100%
150%
200% 1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Year-over-Year Change
Mac Unit Volume
-30%
-20%
-10%
0%
10%
20%
30%
40%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Year-over-Year Change
Total Device Unit Growth
0%
10%
20%
30%
40%
50%
60%
70%
80%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Year-over-Year Change
Changes in Average Price
iPod Average Price
-15%
-10%
-5%
0%
5%
10%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Year-over-Year Change
iPhone Average Price
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Year-over-Year Change
iPad Average Price
-25%
-20%
-15%
-10%
-5%
0%
5%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Year-over-Year Change
Mac Average Price
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Year-over-Year Change
Average Prices
iPod Average Price
$135
$140
$145
$150
$155
$160
$165
$170
$175
$180 1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
iPhone Average Price
$500
$520
$540
$560
$580
$600
$620
$640
$660
$680 1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
iPad Average Price
$0
$100
$200
$300
$400
$500
$600
$700
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Mac Average Price
$1,150
$1,200
$1,250
$1,300
$1,350
$1,400 1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Average iPhone Price (TTM)
$560
$570
$580
$590
$600
$610
$620
$630
$640
$650
$660
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14
Average iPad Price (TTM)
$0
$100
$200
$300
$400
$500
$600
$700
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
1Q13
2Q13
3Q13
4Q13
1Q14
2Q14
3Q14
4Q14

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Apple's Q3 2014 financial results analyzed