Today's update is the second part of my Apple 2Q16 earnings review. Yesterday's update was focused on the major themes.

We begin by focusing on the more granular details from Apple's earnings call. Ten topics are covered, including:

iPhone upgrade rates
Apple's iPhone channel inventory reduction
China and India commentary

The update then turns to my revised iPhone and iPad unit sales estimates for FY16 and FY17. We go over the numbers and why I am becoming more cautious across the board when it comes to Apple hardware sales. The update concludes with Thursday Q&A and a question from an Above Avalon member:

"Where will iPad sales bottom?"

The full note is available for Above Avalon members. To continue reading, click here.

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