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Apple Plunges: Live Blog Recap

 

NEW YORK (TheStreet) Apple (AAPL) announced its fiscal first-quarter earnings report after the close, and the whole investing world watched its numbers beat Wall Street estimates, but concerns over guidance and iPhone product mix hit shares sharply.

Apple earned $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. On the conference call, Apple noted there was significantly more demand for the iPhone 5s than the company realized, and couldn't sell as many as it would've liked.

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.

On the conference call, CFO Peter Oppneheimer noted that there were four factors hitting revenue guidance, including foreign currency concerns (mostly yen and Australian dollar), continued weakening of the iPod business, changes to channel inventory and deferral of Mac sales will affect year-over-year revenues by over $2 billion.

Apple shares were plunging in after-hours trading, down 8.1% to $506.20 following the results and the conference call.

--Written by Chris Ciaccia in New York

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Stock quotes in this article: AAPL 

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