Apple’s Long-Term Outlook is Still Solid, But…

Apple, known for clobbering expectations in its quarterly earnings reports, put on a rare disappointing show this time. What can we learn from it?

Apple Remains a Powerhouse

The trends and products that have driven Apple’s rise over the last couple of years are still there.

• The iPad is still the personal computer of the future, and Apple’s competition in tablets is still largely unconvincing. The iPad was Apple’s strongest seller last quarter, relative to expectations, with 17 million shipped. Combining iPads with Macs, Apple sold 21 million “computers” last quarter, an all-time record, beating