The latest Apple (NSDQ:AAPL) results really show some massive dilution. Earnings growth should have been even better over the last nine months, if it hadn't been for the roughly 12% growth in shares outstanding. Net income grew 532% while diluted EPS *only* 482%. Click to enlarge image.
Also, it seems iPod revenue/unit is falling fast, but still revenue is up a lot. Sequentially: 16% unit growth with 9% revenue growth. Year over year looks similar also. But to be fair, even if things might get tougher, Apple is building up a ton of cash in the meantime. Click images to enlarge.
Disclosure: the author is short shares of AAPL.