Apple on Wednesday announced holiday quarter earnings that, despite passing Wall Street's estimates, fell short of revenue forecasts.
Plunging better than 5% in after hours trading, Apple revealed earnings came in at $13.1 billion on sales of 47.8 million iPhones, 22.9 million iPads and 4.1 million Macs.
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Analysts had expected the company to report earnings excluding items of $13.47 a share on $54.73 billion in revenue, according to a consensus estimate from Thomson Reuters.
If you're keeping score at home, 47.8 million iPhones is a new quarterly record for Apple, which sold 37 million iPhones in the same quarter of 2011.Analysts had expected the company to report earnings excluding items of $13.47 a share on $54.73 billion in revenue, according to a consensus estimate from Thomson Reuters.
"We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter," said CEO Tim Cook. "We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world."
Unfortunately for AAPL investors, however, it doesn't look like today's report will have the strength to give shares of Apple the long-awaited bounce that some were hoping for in response to today's quarterly earnings report - a report that didn't necessarily disappoint, but didn't wow Wall Street either.
"We’re pleased to have generated over $23 billion in cash flow from operations during the quarter," added CFO Peter Oppenheimer. "We established new all-time quarterly records for iPhone and iPad sales, significantly broadened our ecosystem, and generated Apple’s highest quarterly revenue ever."
Source: CNBC
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