Apple (AAPL) continues to plot new moves in its campaign to conquer the world.
In a research note this morning, Bernstein Research analyst Toni Sacconaghi reports on a meeting he had last week with Apple COO Tim Cook, CFO Peter Oppenheimer and VP of Internet Services Eddy Cue. His high level takeaway is that the executives “projected a very confident tone,” and that Apple is focused on “the right things,” in particular expanding the market for the iPhone and capitalizing on “explosive” tablet demand.
Here are some key points from Sacconaghi’s report:
* Cook referred to the iPhone as “the mother of all halos,” noting that the iPhone has expanded Apple’s sales of other products, particularly in emerging markets.
* The analyst says Cook “appeared to reaffirm the notion that Apple is likely to develop lower priced offerings” to expand the market for the iPhone. Cook said the company is planning “clever things” to address the prepaid market, and that Apple did not want its products to be “just for the rich,” and that the company is “not ceding any market.”
* Cook noted that the company has spent “huge energy” in China, a “classic prepaid market.”
* Cook indicated that the tablet market would be much bigger than the PC market. Sacconaghi concludes that if so, it could eventually be a $60 billion to $100 billion business for Apple alone. Cook also said he expected intense competition in tablets, more so than in smart phones, with all PC and smart phone vendors likely to participate, but he added that Apple has a strong head start, and that it has interesting new things in the pipeline. (Note that Apple will hold an iPad product event on Wednesday morning in San Francisco.)
* Carrier expansion is a priority for Apple. Oppenheimer noted that Apple has only 175 carriers today, versus 550 for Research In Motion (RIMM). Last week, the company added SK Telecom in Korea.
* Oppenheimer conceded that Apple’s capital structure was not efficient. He also indicated that Apple would likely continue to use its balance sheet to do partnerships to secure supplies of key components.
* Cook said he felt that iPhone was just below food and water on Maslow’s hierarchy of needs, and that ultimately all phone would be smart phones.
AAPL this morning is up $5.53, or 1.6%, to $353.69.
In a research note this morning, Bernstein Research analyst Toni Sacconaghi reports on a meeting he had last week with Apple COO Tim Cook, CFO Peter Oppenheimer and VP of Internet Services Eddy Cue. His high level takeaway is that the executives “projected a very confident tone,” and that Apple is focused on “the right things,” in particular expanding the market for the iPhone and capitalizing on “explosive” tablet demand.
Here are some key points from Sacconaghi’s report:
* Cook referred to the iPhone as “the mother of all halos,” noting that the iPhone has expanded Apple’s sales of other products, particularly in emerging markets.
* The analyst says Cook “appeared to reaffirm the notion that Apple is likely to develop lower priced offerings” to expand the market for the iPhone. Cook said the company is planning “clever things” to address the prepaid market, and that Apple did not want its products to be “just for the rich,” and that the company is “not ceding any market.”
* Cook noted that the company has spent “huge energy” in China, a “classic prepaid market.”
* Cook indicated that the tablet market would be much bigger than the PC market. Sacconaghi concludes that if so, it could eventually be a $60 billion to $100 billion business for Apple alone. Cook also said he expected intense competition in tablets, more so than in smart phones, with all PC and smart phone vendors likely to participate, but he added that Apple has a strong head start, and that it has interesting new things in the pipeline. (Note that Apple will hold an iPad product event on Wednesday morning in San Francisco.)
* Carrier expansion is a priority for Apple. Oppenheimer noted that Apple has only 175 carriers today, versus 550 for Research In Motion (RIMM). Last week, the company added SK Telecom in Korea.
* Oppenheimer conceded that Apple’s capital structure was not efficient. He also indicated that Apple would likely continue to use its balance sheet to do partnerships to secure supplies of key components.
* Cook said he felt that iPhone was just below food and water on Maslow’s hierarchy of needs, and that ultimately all phone would be smart phones.
AAPL this morning is up $5.53, or 1.6%, to $353.69.
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