Apple Inc (AAPL)

[tomm]

Jobs during CC, The non-GAAP financial results are truly stunning. By eliminating subscription accounting, adjusted sales for the quarter were $11.68 billion, 48% higher than the reported revenue of $7.9 billion, while adjusted income was $2.44 billion, 115% higher than the reported net income of $1.14 billion. Adjusted net income that is more than double our reported income -- if this isn't stunning, I don’t know what is, all due to the incredible success of the iPhone 3G.

It looks like non-GAAP eps would be $2.56 versus the $1.25 reported. The deferred revenue tsunami will continue to grow with accelerating iPhone sales, making the current P/E metric less useful in valuing the stock.