Reuters reports Apple's December-quarter gross-margin guidance at 45–46%, against a reported fiscal fourth-quarter 47.9%.⁠1 Reuters says higher memory costs threaten holiday-quarter margins.

Our calculation: at $100 of revenue, that is $45–$46 of gross profit versus $47.90, a $1.90–$2.90 gap. This holds revenue constant and compares a reported result with guidance. It does not predict a measured dollar loss or adjust the reported baseline.

Bloomboff's take

Forecasts deserve a ruler, not a crystal ball. Keep the damn labels on.