AAPL Q4:2007 Results

Revs below the high end, negative.

iPod shipment # of 22.1 mil units looks very low relative to consensus of 24-25 mil.

iPhone shipments look on the weaker side -- the 4mm shipment # they gave at MacWorld implied more like 2.6mm units for the quarter, what happened there? One would think the weakness in iPods would have been caused by iPhone cannibalization but that's not the case here.

Mac sales look slightly disappointing relative to consensus of 2.34mm units.

There's a decent bulge in non-current deferred revenue -- iPhone subscriber revenues. That account is $620mm, up from $290mm last quarter. That's good for longer-term earnings visibility obviously.

Guidance is below the street for next quarter -- 3% on revenues, 10% on EPS... often is. They're conservative.

Stock is down 8% in post-market trading at present.

Expectations have passed the company's ability to deliver for the time being.

They're still growing at over 30 percent on a year over year basis, which is an acceleration from the prior year's growth rate, and they still have a hot product line-up. It's not a sale here.