But expenses, excluding stock-based compensation, actually declined to 31 percent of revenue, from 33 percent, said Gene Munster, an analyst with Piper Jaffray & Company.

It's a total black box," said Gene Munster, an analyst at Piper Jaffray who has covered Apple for the last five years.

Gene Munster and Michael Olson of Piper Jaffray are the main analysts who track Apple stock.

"This was pretty underwhelming," said Gene Munster, a financial analyst at Piper Jaffray.

Gene Munster doesn't know jack-squat.

Gene Munster also took the opportunity to ask Tim Cook why Apple chose to stay with AT&T when it comes to the iPhone.

"At the end of the day, there are still going to be long lines for this," said Gene Munster, an analyst at Piper Jaffray.

But according to Gene Munster, a Piper Jaffray analyst, the end is near.

Based on a research note by Piper Jaffray's Gene Munster seen by The Mac Observer, the answer seems to be "not much."

"The reality for the iPad is going to be determined by what apps are made for it," said Gene Munster, an analyst at Piper Jaffray.