UBS Securities’s Maynard Um this morning offers an update on his outlook for Apple (AAPL), which reports on Tuesday.
Um’s main point seems to be to set up investors to expect that the forecast will be the “typical conservative guide” from Apple’s management, with the company perhaps missing his own estimate for $33.7 billion and $8.54 per share this quarter, as last quarter had an extra week in it, making the quarter-over-quarter bar slightly higher to cross for the company this quarter.
For last quarter, Um is modeling 30 million units sold of Apple’s iPhone, and 12 million units of the iPad.
That iPad estimate is low relative to other numbers on the street in the vicinity of 13 million to 14 million units, though numbers have been coming down.
And so Um’s financial forecast for fiscal Q2 (March) is a bit above consensus: $33.7 billion in revenue and $8.54 per share in profit, versus $31.99 �billion and $7.97 per share.
He notes Apple could turn up another $1.08 in profit per share in the quarter from a reversal of accrued expenses and warrant accruals.
Apple shares today are down $3.26, or 0.8%, at $424.42.
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