Apple comments from Kenjol Capital and McGervey Wealth Management added in this update.
BOSTON ( TheStreet) -- Apple (AAPL - Get Report) shares are sliding after the tech giant posted record revenue and earnings, which several fund managers say is a buying opportunity even as the stock remains near its all-time high.
Among the highlights of Apple's fiscal fourth quarter report, the company saw revenue surge to $20.34 billion from $12.21 billion in the year ago quarter. Net profit climbed to $4.31 billion, or $4.64 a share, from year-ago earnings of $2.53 billion, or $2.77 billion. Apple said international sales accounted for 57% of revenue in the quarter.
Investors sold shares, though, as the gross margin of 36.9% was down from 41.8% in the year-ago period. And while Apple posted better-than-expected sales numbers for the Mac and iPhone, the company sold 4.2 million iPads, which was below Wall Street's target of 4.8 million.Shares of Apple fell as low as $300.02 earlier in Tuesday's session and are lately down 3% to $308.68. The stock hit a record $319 on Monday ahead of the release of the fiscal fourth-quarter earnings report. That pullback, though, has presented investors with a buying opportunity, several fund managers say. Herb Chen, portfolio manager of the Huntington Growth Fund based in Columbus, Ohio, says that "this is a great buying opportunity, and