Apple’s fiscal first quarter earnings are out. And despite Apple proclaiming it the “biggest quarter ever,” the massive revenue numbers represent a slight miss. Right now Apple stock is down slightly.
The company reported $75.9 billion in revenue vs. estimates of $76.6 billion. Apple also just missed iPhone sales estimates, reporting 74.8 million unit sales vs. expectations of 75 million.
Earnings per share of $3.28 beat expectations as did gross margin of 40.1 percent. International sales were 66 percent of total revenue. The company said it had net profit of $18.4 billion. Americas, Greater China and Europe were the company’s top markets in that order.
Here are the product line numbers:
- iPhones: 74.8 million units, $51.6 billion in revenue (off vs. expectations)
- iPad: 16.1 million units, $7.1 billion in revenue (off vs. expectations)
- Macs: 5.3 million units, $6.7 billion in revenue (off vs. expectations)
- Services (incl. Apple Pay, Apple Care): $6 billion in revenue
- Other (incl. Apple TV, Apple Watch, Beats products): $4.3 billion in revenue
Apple is providing fiscal Q2 guidance of between $50 billion and $53 billion. That is worrying (or will worry) some investors. Analysts expected roughly $55 million.
Some investors were projecting a year over year decline in iPhone unit sales, which didn’t happen.
Come back for earnings call updates in a few minutes.
