Briefly, as the beta chasers continue to conveniently compartmentalize all of the encroaching “badness,” there isn’t much sense at this juncture to rehash all the numerous and accruing issues. However, I wanted to spend a minute or two on Apple’s (AAPL) supposedly spectacular earnings tonight: Headlines read that Apple’s profits leapt 67% and revenues increased 24%. Sounds good, huh? However, a closer look of Apple's balance sheet reveals a rather bulky increase in both Other Assets and Accounts Receivables. Other Assets (which are probably factored receivables) and Accounts Receivable increased a combined total of 54% year-over-year, making the reported increase of 24% in revenues look fairly suspect. It’s quite obvious that Apple’s retail chains are likely choking on a sizable amount of unsold inventory.
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