Apple posted yet more record figures last night. iPhone figures beat expectations at 39.3m sold (with 2w contribution from the new iPhone 6/plus) whilst iPad met expectations at 12.3m sold. iPod Touch numbers will be rolled into a new category (from Q1, the December quarter) called 'other products' and this will include Apple TV and Apple Watch.
So another 50m+ volume contribution to IMG's H1. Apple Q1 15 is obviously going to be huge.
Transcript:
http://seekingalpha.com/article/2576865-apples-aapl-ceo-tim-cook-on-q4-2014-results-earnings-call-transcript?part=single
Royalty numbers for IMG look to be fairly static for IMG this FY, despite Apple's best efforts. Mediatek is starting to ship the MT6595 (and MT8135 for tablets) in decent volumes but pretty much all their other high volume smartphone chips are Mali, and this trend continues into 2015 with the recently announced MT6735 (LTE). We await evidence of IMG recovering market share at MTK, and given the timescales indicated by HY, I would be expecting announcements at MWC in February. So we are looking at FY 15/16 before royalty volume growth begins again. I would also be hoping to see solid evidence of Ensigma volume growth in 15/16. As far as MIPS goes, we need some big wins before anyone actually believes the talk (not just ecosystem initiatives).
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