[jcdavis]

Yes, a monster guidance. And remember this is Apple's estimate, which is has always been a lowball recently (even for this quarter, which was a little disappointing). $40B is definitely possible.

Certainly the iPhone sales this quarter weren't that great, but given the circumstances (most people knew the 4s/5 was coming), as well the 4s sold 4 million units on its opening weekend (almost 1/4th of all of last quarter's sales), I don't think it was that bad at all.

Obvious disclaimer: long AAPL, may buy more tomorrow

[kprobst]

Lowballing quarterly earnings seems to have been a Jobs thing. With Cook on the saddle I'm guessing this will be the pattern going forward.