Very limited growth. Profits are flat. No wonder the stock is down 6%. Apple needs to find more competitive means in both phones and tablets - their market share will continue to erode. They are priced as a growth stock, but they are not growing.
They're not priced as a growth stock. P/E is about 13, and that's including their huge pile of cash. Average P/E for the S&P is 19.
Not to mention that before the iPhone Apple's P/E never dropped below 20 and was usually hovering around 40.
Apple's cash pile is 1/3 of their market cap. That means that is they'd use it to buy their own shares at the current price (they can't, they need to pay taxes on most of it first) their P/E ratio would drop to about 9.
I've always been amazed that AAPL trades at such a low PE multiple. Can you help me understand why?