I know how much everyone likes to discuss accounting methods, but so far none of the articles I've read on Apple's quarterly report mentions whether they've adopted the new GAAP rules that don't require deferral of iPhone revenues. Makes a HUGE difference in what these numbers mean -- but nobody, including the analysts, are talking about it!
Apple discussed it. They're not yet using the new methods. It may take something like a year to introduce them because there are a lot of complexities. So all these strong numbers are with the old accounting method, which of course is great news for us bulls.