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When are the numbers not the numbers? When some companies are deferring revenues. Take Apple’s iPhone for example. They sell one, they get either $200 or $300 from the consumer, and they also get about $360 from AT&T. When it gets averaged out, they get about $600 for each and every iPhone they sell. And, yet, rather than count $600 in sales, they only count 1/8th of that amount, about $75, and defer the rest, $525 into future quarters. Sure, in a few more quarters, as iPhone sales stabilize, the amount deferred from previous quarters, will make up for the amount deferred in the current quarter, but it hasn’t yet, and it’s a very large number.
GAAP reported revenues are $32.4B, while the real sales are $38B
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