Horace Dediu on Apple’s Q1 2012

Apple’s Growth Scorecard for the first quarter of 2012:

For Apple 2012 started with almost the same growth as 2011 started. Q1 2011 saw earnings growth of 92% and Q1 2012 saw growth of 94%. As the following revenue growth table shows, the pattern for the last twelve months has been very consistent:

Some of his key insights:

• The iPad is growing at a faster rate than the iPhone and has achieved in two years what the iPhone took four.
  
• The iPhone grew units at nearly 90% and revenues at 85%. This is slightly below the quarterly average over the last two years of 99%
  
• The Mac showed significant weakness though the previous year’s Q1 had exceptionally high growth of 32%. The Mac still grew faster than the market and therefore gained share.