NEW YORK (TheStreet) -- Shares of Apple (AAPL) - Get Report were declining in after-hours trading on Tuesday after the company reported better-than-expected earnings for the 2016 fiscal fourth quarter and in-line revenue.
Immediately following the results, the stock was trading higher, but then turned negative.
After today's closing bell, the Cupertino, CA-based tech giant posted adjusted earnings of $1.67 per diluted share, topping analysts' estimates by a penny. Revenue for the quarter was $46.9 billion, matching Wall Street's forecasts.
Apple sold 45.5 million iPhones during the period, while analysts had expected 44.8 million units. iPad units totaled 9.3 million, while Mac units came in at 4.9 million.
For the fiscal first quarter, the company sees revenue between $76 billion and $78 billion. Wall Street is modeling revenue of $75 billion for the current period.
(Apple is a core holding of Jim Cramer's charitable trust Action Alerts PLUS. See all of his holding with a free trialhere.)
Separately, TheStreet Ratings Team as a Buy with a ratings score of B+ on Apple stock.
The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures, expanding profit margins and notable return on equity.
The team believes its strengths outweigh the fact that the company has had lackluster performance in the stock itself.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: AAPL