"I cant udnerstand the after market sell off," The underlying...

"I cant udnerstand the after market sell off,"

The underlying growth, while strong, was not as strong as the reported numbers suggest, with some help from 40bp fall in R&D-to-Sales as well as cycling restructuring charges in pcp. So, for mine, the quality of the headline result is not as pristine as previous results.

Also, having for many years observed the asinine thought processes of the stockbroking analyst community, I anticipate some wailing and gnashing of teeth over the next 24 hours from that sphere of influence about the mere 5% growth in device sales, meaning a lot of the heavy lifting came from the significant GP Margin lift which is obviously not something that can continue for long (the rate of increase in the GP Margin, that is, not the GP Margin level itself).

But then, as usual, in a few days time all this will all be forgotten, and there will be the next thing about which to wring hands. It has forever been thus.

.