For the second straight fiscal 4th quarter earnings report --
and 3rd quarter of out the last 5 --
), the world's largest company, has come up short of
expectations. Earnings per share of $8.67 missed the Zacks
Consensus Estimate of $8.85 by 2.1%. Revenues came in at $36
billion, slightly above the $35.8 billion expected.
APPLE INC (AAPL): Free Stock Analysis Report
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iPhones were the main positive for Apple's Q4: the company sold
26.9 million iPhones, easily beating the estimated 25.3 million.
This figure was obviously boosted by the launch in late September
of the iPhone 5, but is impressive nevertheless considering the
iPhone 5 was only on the market for about a week and a half
before the quarter ended.
iPads, Macs and iPods all disappointed sales expectations, with
the iPad showing notable weakness: Apple sold "just" 14 million
iPad tablets in the quarter; it was expected to have sold 15.8
million. Macs and iPods did not miss by much, but still
contributed to the weaker quarter.
Analysts had been all over the place in predicting Apple's EPS
numbers. Originally a consensus of $8.41 at the start of the
quarter gave way to a big updraft to $8.95 roughly a month later.
Just in the past 7 days we'd seen 3 upward estimate revisions for
AAPL and 8 downward revisions. Stronger negative sentiment over
the past 30 days can also be seen in Zacks consensus estimates
for Q1-13 and fiscal 2013.
Obviously, no company is perfect, and no stock keeps going up to
infinity. That said, Apple shares have come down around $100
since September, and with a less-than-thrilling earnings report,
might we expect shares to come down more in the near term?
After-hours trading was halted for a time, but has since traded
down another percentage point or so. This comes after a slight
sell-off ahead of earnings, down 1.18% ($7.29) before the bell.
Perhaps the call from Tim Cook & Co. can provide some
positive sentiment going forward, but the fact remains Apple's
had a bite taken out of it for the second quarter in a row.