Financial analysts and their asses

Wall Street declared Apple’s latest quarter a miss, even though the company reported some great quarterly numbers.

Consider this. Apple posted quarterly revenue of $36 billion and quarterly net profit of $8.2 billion. Since Wall Street said the quarter was a miss, these numbers must be lower than last year, right? No, these results compare to revenue of $28.3 billion and net profit of $6.6 billion — an increase of about $8 billion in revenue and $2 billion in profit over the year-ago quarter.

Well then if it’s not cash, surely Apple missed on product sales. Let’s take a look.

Apple sold 26.9 million iPhones in the quarter, representing 58 percent unit growth over the year-ago quarter. Apple also sold 14.0 million iPads during the quarter, a 26 percent unit increase over the year-ago quarter.

So, they made a significantly more money and sold quite a few more products.

In what screwed up world do all of these numbers count as a miss? Only in a world where we allow financial analysts to pull numbers out of their ass and say they expected more. At what point can we say the analysts missed — I think we’re there.