Et Tu, iPhone? Apple Earnings Miss


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Looks like Apple's ( AAPL ) downward spiral will continue.

The company's fiscal first-quarter earnings fell just short of Wall Street estimates thanks largely to slower-than-expected sales of the iPhone 5 it released in late September.

The disappointing news is driving Apple shares down 6.3% in after-hours trading.

Here are some of the relevant numbers from Apple's latest set of earnings:

  • Earnings per share of $13.81 surpassed Wall Street estimates of $13.7 per share. However, its $54 billion in quarterly revenue - a new record - was shy of the $54.9 billion analysts were looking for.
  • The company sold 47.8 million iPhones - a tad short of the 48 million that was expected.
  • iPod sales surpassed analyst estimates; Mac sales fell short.
  • The company sold 22.9 million iPads, ahead of the 22.4 million units that were projected.
  • Current-quarter forecasts of $41-$43 billion in sales is short of the $45.5 billion analysts were expecting. This may be as responsible for the stock's decline as the so-so iPhone sales.
  • On the bright side, iPhone sales more than doubled in China despite the fact that the iPhone 5 didn't launch there until December.

At $481 a share (and falling), Apple has now fallen 315 since late September. This is the lowest the stock price has been since last February.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Stocks

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