5:43 PM Apple states on its FQ4 call (webcast, live blog) it expects an FQ1 gross margin of 36%, down 400 bps Q/Q and 870 bps Y/Y - growing iPad/iPad Mini sales bear some responsibility. Tim Cook says he's pleased with the iPhone 5 production ramp, but adds it's hard to predict when supply will match demand. FQ4 iTunes sales totaled $2.1B, and 1.3M Apple TVs were sold (+100% Y/Y). China was 15% of total revenue. iPad channel inventories are slightly above target, but iPhone inventories are below. 82% of cash is offshore. AAPL -0.4% AH. (more) (Read the comments on this)
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