Updated from 4:59 p.m. to include analyst comments and updated share price.
NEW YORK (TheStreet) –– Apple (AAPL - Get Report) reported fiscal third-quarter earnings after the close, generating $37.4 billion in revenue, as it shipped over 35 million iPhones during the quarter. While investors are paying attention to the results, any hint on the next product cycle will likely garner more attention.
Apple earned $1.28 a share on revenue of $37.4, compared to $1.07 a share and $35.3 billion in revenue last year. Gross margin was 39.4%, compared to 36.9% in the year-ago quarter.Analysts surveyed by Thomson Reuters expect Apple to earn $1.23 a share on $37.93 billion in revenue for the fiscal third quarter. "Our record June quarter revenue was fueled by strong sales of iPhone and Mac and the continued growth of revenue from the Apple ecosystem, driving our highest EPS growth rate in seven quarters," said Tim Cook, Apple's CEO in the company press release. "We are incredibly excited about the upcoming releases of iOS 8 and OS X Yosemite, as well as other new products and services that we can't wait to introduce." Cantor Fitzgerald analyst Brian White noted that while the results and the call mattered less than they usually do, investors are focusing on the upcoming product cycle. "In our view, tonight's conference call is of much less significance than past quarterly reports, as we believe investors are more focused on the "Fab Fall" launch (e.g., iPhone 6, "iWatch", etc.), the ramp with China Mobile, and the company's broader push into the enterprise market with IBM," White wrote in a note following the earnings report. Apple shares closed higher in Tuesday trading, gaining 0.83% to finish at $94.72. Shares were lower in after-hours trading, ahead of the conference call, dipping 0.57% to $94.18. --Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia