ENTERTAINMENT
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`TECH • APPLE
`How Many iPhones Did Apple Sell Last Quarter?
`
`By Philip Elmer-DeWitt January 14, 2016
`
`iPhone 6S
`COURTESY OF APPLE
`
`A funny thing happened on the way to the so-called “tough comp”—the challenge Apple was
`expected to face improving on the record set in the last three months of 2014 by runaway
`sales of the iPhone 6.
`
`IPR2020-00202
`Apple Inc. EX1014 Page 1
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`
`Sundance 2020 Will Host One of the Film
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`President Exits
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`TECH • APPLE
`How Many iPhones Did Apple Sell Last Quarter?
`
`By Philip Elmer-DeWitt January 14, 2016
`
`iPhone 6S
`COURTESY OF APPLE
`
`A funny thing happened on the way to the so-called “tough comp”—the challenge Apple was
`expected to face improving on the record set in the last three months of 2014 by runaway
`sales of the iPhone 6.
`
`IPR2020-00202
`Apple Inc. EX1014 Page 1
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`
`
`What happened? The goal post got moved.
`
`After Tim Cook assured analysts in October that Apple was on track to beat that 74.5 million
`ENTERTAINMENT
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`record, investor anxiety shifted to the March quarter, where last year’s post-Christmas sale
`Festival’s Most Diverse Lineups Yet
`President Exits
`of 61.2 million iPhones seemed even farther out of reach. (See Apple Analysts Knock the
`Stuffing Out of March iPhone Sales Estimates.)
`
`SIGN UP: Get Data Sheet, Fortune’s daily newsletter about the business of technology.
`
`But first things first. Apple (AAPL) will release those long-feared December quarter result in
`two weeks, and there is still the possibility of a surprise in either direction.
`
`Among the 32 Apple analysts we’ve heard from so far—24 Wall Street professionals and eight
`veteran amateurs—all but four are taking Tim Cook at his word. The average unit sales
`estimate has fallen somewhat since we polled the group in October—to 76.5 million from 78
`million—and expected year-over-year growth has shrunk accordingly (to 2.8% from 4.7%).
`But only four analysts polled think Apple is going to come up short of its 74.5 million record.
`
`The pros, as usual, are more cautious than the amateurs. The low estimate of 72.7 million
`was submitted by Pacific Crest’s Andy Hargreaves; the high of 82.9 million came from
`independent Ovi Popescu.
`
`IPR2020-00202
`Apple Inc. EX1014 Page 2
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`
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`We’ll find out who was closest to the mark when Apple reports its earnings after the markets
`close Tuesday, Jan. 26.
`
`Below: The individual analyst’s estimates—professionals in blue, independents in green.
`Where I had them, I included the old estimates they made last October.
`
`IPR2020-00202
`Apple Inc. EX1014 Page 3
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`
`
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`Apple Inc. EX1014 Page 4
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`
`
`Thanks as always to Posts at Eventide’s Robert Paul Leitao for pulling together the Braeburn
`Group numbers.
`
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`WATCH: For more on Apple, check out the following Fortune video:
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`
`I’ll be monitoring Apple’s fiscal Q1 2016 earnings report and you can too. The conference
`call with analysts begins Tuesday Jan. 26, at 5 p.m. ET (2 p.m. PT) and will be webcast live
`here.
`
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