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Garnry: Why I STILL think Apple is an average stock

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Apple's earnings have left many analysts and investors stunned. Just how could one company sell more than 74 million units in three months, it works out that, on average, Apple sold 34,000 iphones every hour for twenty four hours for three months. Jaw dropping performance. 

For the first time Apple is the market leader in China, testament to the rise of the Chinese middle class and wage growth in China because despite quality competition from the likes of Xiaomi, Apple now sells more phones to Chinese customers than Americans.     

Strong holiday sales and a 70% rise in sales in China fuelled Apple’s results. The company sold 74.5 million iPhones in its fiscal first quarter, which ended on December 27. Many analysts had expected fewer than 70 million. Apple revenues rose to $74.6 billion from $57.6 billion the year before.

Apple profits came in at $18 billion – the biggest ever reported by a public company. Apple’s cash pile is now $178 billion, enough to buy IBM.

Head of Equity Strategy Peter Garnry combs through the figures and outlines his thoughts on the future for Apple and he argues that he STILL thinks Apple is an average stock.