Apple Plunges Despite Earnings Beat

NEW YORK (TheStreet) Apple (AAPL) 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

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