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NEW YORK (TheStreet) -- Shares of Apple (AAPL) - Get Apple Inc. Report were falling 8% to $120.29 in after-hours trading Tuesday, after the iPhone maker reported its fiscal third quarter results.

Apple reported earnings of $1.85 a share for the third quarter, above analysts' estimates of $1.81 a share. Revenue grew to $49.6 billion for the quarter, compared to analysts' estimates of $49.81 billion.

Apple also said it sold 47.5 million iPhones, 10.9 million iPads, and 4.8 million Macs in the third quarter. Analysts expected the company to sell 48.8 million iPhones, 10.9 million iPads, and 4.9 million Macs in the quarter.

The company did not break out Apple Watch sales for the quarter, but said that sales were higher than comparable launch periods for the iPhone and iPad.

For more on Apple's fiscal third quarter results check out TheStreet's liveblog of the company's earnings call.

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TheStreet Recommends

Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of B+. TheStreet Ratings Team has this to say about their recommendation:

"We rate APPLE INC (AAPL) a BUY. This is driven by multiple strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and notable return on equity. Although the company may harbor some minor weaknesses, we feel they are unlikely to have a significant impact on results."

You can view the full analysis from the report here: AAPL Ratings Report

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