BUSINESS

Apple's Revenue Better Predicted By Bloggers Than Wall Street [CHART]

04/25/2011 09:14 am ET | Updated Jun 25, 2011

When it comes to Apple's stock, the advice of financial bloggers may be more reliable than tips from professional analysts.

On Wednesday, Apple reported a second-quarter net profit of $5.99 billion, or $6.40 per share.

CNN Money, however, tracked revenue predictions, and Apple made $24.67 billion of it in the second fiscal quarter. They found amateur bloggers were much more bullish on Apple than their professional counterparts. Of the 58 analysts surveyed, in fact, bloggers on average predicted Apple would generate 8.53 percent more revenue than Wall Street professionals.

That optimism, it turns, out was also more accurate. Predicting the tech giant would generate $25.25 billion in revenue, bloggers' estimates overshot Apple's results by $58 million on average. The average Wall Street prediction, on the other hand, was low by $1.4 billion.

The below HuffPost chart compares blogger predictions (blue) with Wall Street analysts (orange). The horizontal dotted line indicates Apple's actual reported revenue: