Piper Jaffray: iTunes sales exceeding expectationsIn a research note released to clients on Wednesday, Piper Jaffray & Co. Senior Research Analyst Gene Munster said that iTunes sales have already exceeded estimates for Apple\'s March quarter at 85 million tracks, with nearly a full month left in the quarter. He says that iTunes sales could account for $83.2 million in revenue in the March quarter—or about $35 million more than his firm has been estimating. The analyst said his research indicates that iTunes could \'begin to have a notable impact\' over the next two calendar years. Specifically, Munster believes that iTunes may add an additional 3% to his firms revenue estimates for 2006. He further noted that the average iTunes daily run rate (sales) during the quarter has been 1.35 million, primarily in-line with the 1.43 million daily run rate in the weeks following the holidays. \"We had been anticipating a more significant drop off in iTunes sales,\" Munster wrote in his report. Piper Jaffray maintained its \'outperform\' rating on Apple with a price target of $50.
On Topic: General
- DJI launches Osmo, an iPhone-connected 4K steadicam for $650
- Bowers & Wilkins debuts new Zeppelin Wireless speaker with support for Apple's AirPlay
- Apple invention brings inductive charging to iPhone without extra hardware
- Jony Ive remembers Steve Jobs' 'simple focus' on creating the beautiful and great
- Jimmy Iovine rails against 'freemium' price model, says most tech companies are 'culturally inept'