What Is Charlie Wolf Smoking?

Zach Epstein, reporting on Needham & Company analyst Charlie Wolf’s latest research note for BGR:

Finally, he reduced his fiscal fourth-quarter iPhone estimates from 17.5 million units to 16 million, stating that Apple is likely to slow iPhone 4 shipments ahead of the iPhone 5′s launch in September.

What? How in the world did he come up with 16 million? Fiscal Q4 sales increased 90.5% from 2009 to 2010, and now he thinks Q4 iPhone sales will increase 13.5% year over year during a quarter where a new iPhone will be released? New iPhone quarters (traditionally fiscal Q3) have grown at an average of 284.1% year over year since 2007. Either I’m missing something, or this guy just pulled a number out of his ass.

For his sake, I hope it’s the former.

What Is Charlie Wolf Smoking?