02-01-2017, 07:12 AM
IronMac wrote: Let's look at the transcript shall we?
A. Total China revenues are down by 12%.
B. Their inventory growth in China has slowed. Normally, a company that is confident in an area's future sales will grow their inventory in anticipation of said sales.
C. Cook says China sales were even with the past quarter in constant currency term. That's fine but it does not bode well if you are considered a GROWTH company. They are not growing, they are simply holding still.
D. Maestri does not specify much they are growing app sales in China.
Let me help you out (from the transcript):
[Maestri]
"…our year-over-year performance in Greater China improved significantly relative to the September quarter. Total Greater China segment revenue was down 12%, but revenue from Mainland China was even with the all-time record results from a year ago and grew in constant currency terms."
[Cook]
"…our Greater China revenue was down 12%, and about 4 points of that was currency related, so it's an 8 point decline in constant currency. And then within Greater China, if you look at the PRC, our revenue was flat year over year, and that was against the all-time record quarter. And if you look at that on a constant currency basis, it was actually up 6%. So it's a significantly better performance on every way you look at it versus what we had experienced the prior three quarters."
Let's not get too excited…