(NOTE: Edits made in certain places to reflect the 7-for-1 share split.)
Same Code, Different Name
Welcome to the fifth (!) installment of my humble home game AAPL earnings preview series.
Hey, isn’t Oppenheimer still CFO right now? Well, yes, until June per Apple, but Oppenheimer barely spoke at the last conference call. It’s only four times a year, but presenting and taking questions at conference calls is an important Apple CFO responsibility. So I’m renaming the series “The Maestri Code” just a little bit early.
And make no mistake, it was very much Luca Maestri’s financial presentation. Very smooth and polished…no surprise, given that Maestri’s already been a CFO (for Xerox). With a few differences from Oppenheimer. Maestri seems to be a little more methodical when explaining growth and giving the percentages. And when deemed necessary, Maestri also seems to take just that little bit of extra time to discuss sellthrough (in Q2, for iPad) and provide some helpful context beyond a GAAP sell-in number.
That’s different from playing guidance close to the vest, though. Just when analysts thought they had Apple’s range guidance figured out, Apple reports a big beat over guided revenues and even analysts’ old expectations of Q2 EPS guidance. The guessing game is on again just as Maestri takes over.