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Greenberg: Wasn't Apple Supposed to Stop Lowballing?

By: Herb Greenberg | 01/27/14 - 05:13 PM EST

SAN DIEGO (TheStreet) --  One of the oldest not-so-secret worst-kept secrets was that Apple (AAPL) always lowballed guidance so it could blow through expectations.

But that was supposed to have changed in January. As I wrote back then, CFO Peter Oppenheimer said at the time:

"In recent years, our guidance reflected a conservative point estimate or results every quarter that we had reasonable confidence in achieving. Going forward, we plan to provide a range of guidance that reflects our belief of what we are likely to achieve. While we cannot forecast with complete accuracy, we believe we are likely to report within the range of guidance we provide."

Why point that out now? Because with Apple's punk guidance, people are again suggesting Apple is up to its old tricks.

Or does Wall Street just have a short memory.

Reality: I vote for short memory, but we'll know in a quarter, for sure.

-- Written by Herb Greenberg in San Diego

Herb Greenberg, editor of Herb Greenberg's Reality Check, is a contributor to CNBC. He does not own shares, short or trade shares in an individual corporate security.

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