Horace Dediu


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Product transitions lead to margin decline, economies of scale lead to margin increase.

Color coding used in my "growth scorecard"

OpEx increase (in income statement) has been modest. Map crawling will take time.

iOS product ramps.

Apple's margins, 2005-present.

Did ZTE smartphone growth stall? IDC estimate suggests yes.

iTunes daily download rates (apps vs. songs over time).

Plant, property and equipment. Predictable but still astonishing.

Macs are at very nearly highest level in history (4.923 vs. 5.198 million in Q4 last year)

Estimated gross margins by product.

International (non-US) iPhone shipments down slightly sequentially.

US is at 35% of iPhone shipments.

iOS shipments

Revenues per unit sold (aka ASP) for Apple's products.

Revenues per iOS downloaded app reach new highs of $0.43 in period June to October.

Q3 was best non-holiday quarter in the US for the iPhone. y/y growth of 98%

Painted with the same brush.

Useful assessment (Source: gsma.com)

Hearts were filled with so much joy in January. #BallVegaSandwich

Nokia's North American device shipments by product type.