Apple (AAPL) shares reversed an initial decline after the release of its December quarter numbers on Thursday after the close, rising more than 3% to $173.42 after hours.

Revenue of $88.29 billion beat an $87.5 billion consensus, while EPS of $3.89 beat a $3.85 consensus. For the March quarter, Apple guided at $60 billion to $62 billion, below a $65.4 billion consensus.

In terms of unit sales, Apple sold 77.3 million iPhones (-1% year over year), 13.2 million iPads (+1%) and 5.1 million Macs (-5%). Meanwhile, services revenue increased 18% year over year to $8.47 billion, and Other Products sales grew 36% to $5.49 billion.

All the major tech giants have now reported earnings.
All the major tech giants have now reported earnings.

Here are some of the top takeaways from Apple's earnings report. 

  1. iPhone ASP was $796, $40 above consensus and up $102 from a year ago. That suggests a healthy amount of iPhone X sales. 
  2. In the wake of tax reform, Apple is guiding for a 15% March quarter tax rate. Three months ago, it guided for a 25.5% December quarter rate. 
  3. Repurchases of common stock totaled $10.1 billion during the quarter. Ahead of the repatriation of $207 billion in offshore cash, Apple ended last quarter with $286 billion in cash and $122 billion in debt.
  4. Looking at geographic regions, Japan accelerated sharply relative to the September quarter, going from an 11% sales decline to 26% growth. Looks like the iPhone X was popular there.
  5. The rest of Asia-Pacific growth improved to 17% from 5%. Americas and Europe growth slowed to 10%,  while Greater China growth fell just slightly to 11%.

Apple is a holding in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio. Want to be alerted before Cramer buys or sells AAPL? Learn more now.

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This article was written by a staff member of TheStreet.

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