This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Apple Plunges Despite Earnings Beat

NEW YORK (TheStreet) Apple (AAPL - Get Report) shares fell 4.4% following fiscal first-quarter results that beat Wall Street expectations, thanks to 26 million iPads sold during the quarter.

Apple reported earnings of $14.50 per share on $57.5 billion in revenue, as revenue rose 6% year over year. Analysts surveyed by Thomson Reuters expected Apple to earn $14.07 per share on $57.45 billion in revenue.



Gross margin was 37.9% during the quarter. 

The company sold 51 million iPhones, compared to 47.8 million in the year ago quarter, on top of the 26 million iPads sold. Apple also sold 4.8 million Macs during the quarter.

"We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, Software and Services," said Tim Cook, Apple's CEO, in a statement. "We love having the most satisfied, loyal and engaged customers, and are continuing to invest heavily in our future to make their experiences with our products and services even better."

For the fiscal second-quarter, Apple said it expects revenue between $42 billion and $44 billion, with margins between 37% and 38%, and operating expenses between $4.3 billion and $4.4 billion, with a 26.2% tax rate.

--Written by Chris Ciaccia in New York

>Contact by Email.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG
AAPL $127.16 -0.34%
FB $84.14 1.30%
GOOG $534.82 -0.10%
TSLA $206.64 0.67%
YHOO $44.95 0.66%

Markets

DOW 18,037.54 +2.61 0.01%
S&P 500 2,105.22 +4.82 0.23%
NASDAQ 5,019.3360 +24.7340 0.50%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs