Apple Earnings Exceed Street Projections, but Issues Remain
Apple iPhone sales were strong, with 33.8 million of them sold, a record for the fourth fiscal quarter, but iPad sales were flat, and Mac sales dropped.Apple reported its fiscal fourth quarter 2013 earnings Oct. 28, and while the key metrics exceeded Wall Street expectations, the news wasn't all to the company's liking. The Cupertino, Calif.-based PC maker, one of the richest companies in the world, posted revenue of $37.5 billion and net profit of $7.5 billion ($8.26 per share, down 8.6 percent from 2012), compared to $36 billion and $8.2 billion in the year-ago quarter. Stockholders were watching. Apple’s stock price fell $6.45 in after-hours trading to $523.43. iPhone sales were strong; Apple sold 33.8 million of them, a record for the fourth fiscal quarter, compared to 26.9 million in the year-ago quarter.
For a deeper look into Apple's financial and market situations, read Wayne Rash's analysis here.