After a suffering a near 30 percent decline in share price over the past three months, Apple needed an old school top line beat for the holiday quarter to ease fears that its pace of growth is slowing.
But the company didn’t quite manage it. While it beat its own guidance — earnings-per-share of $11.75 on $52 billion in revenue, it didn’t trounce the street.
Posting first-quarter financials after market close Wednesday, Apple reported earnings per share of $13.81 on revenue of $54 billion. The first number surpassed Wall Street estimates, the second did not. Analysts had been expecting Apple to post earnings per share of $13.47 on revenue that rose 19 percent to $54.9 billion.
Apple said it sold 47.8 million iPhones for the quarter; 22.9 million iPads; 4.1 million Macs; and 12.7 million iPods. Wall Street was expecting iPhone sales of 48 million units, iPad sales of 22-23 million units, Mac sales of about 5 million units and iPod sales of 12 million.
“We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter,” Apple CEO Tim Cook said in the company’s earnings release. “We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.”
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