Apple’s Year-End Earnings Beat Forecasts But iPhone Sales Numbers Disappoint

UPDATE, 3:00 PM: CEO Tim Cook added fuel to the speculation that Apple will come up with a potentially game-changing television. In a call with analysts he said it “remains” a topic of “intense interest for us” adding that “there’s a lot we can contribute in this space.” He declined to provide any details.

PREVIOUS, 1:44 PM: The stock is down more than 8% in after market trading, bringing the price back below $500, as fiscal Q1 results did nothing to ease concerns that Apple‘s starting to lose its marketing pizzazz. Net income at $13.1B was up 1.1% vs the period last year on revenues of $54.5B, +17.7%. The top line figure was just a little short of the $54.7B that analysts expected. Earnings at $13.81 a share topped the consensus of $13.44. The static comes from sales numbers for some of Apple’s top products. The company says that it sold 47.8M iPhones in the quarter, which is up from 37M in the period last year but still shy of predictions of about 49M. Apple also says that it sold 22.9M iPads (vs. 15.4M last year), 4.1M Macs (vs. 5.2M), and 12.7M iPods (vs. 15.4M). “We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter,” CEO Tim Cook says. “We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.” Apple shares are down 26.5% since mid September.

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