Apple earnings beat with $35.3 billion in sales, 31.2M iPhones
Apple beat expectations on Tuesday with better than expected earnings, buoyed by strong iPhone sales.
Apple reported earnings of $6.9 billion, or $7.47 per share on $35.3 billion in sales. Wall Street was expecting Apple to post earnings of $7.32 per share on sales of $35 billion.
Apple said it sold 31.2 million iPhones, 14.6 million iPads, 3.8 million Macs, and 4.5 million iPods during the quarter. Wall Street was expecting Apple to have sold around 26 million iPhones, 17 million iPads, 4 million Macs, and around 6.8 million iPods, making the iPhone sales a standout.
"We are especially proud of our record June quarter iPhone sales of over 31 million and the strong growth in revenue from iTunes, Software and Services," Apple CEO Tim Cook, said in a statement. "We are really excited about the upcoming releases of iOS 7 and OS X Mavericks, and we are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014."
Looking ahead, the company said it expects fourth quarter sales to be between $34 billion to $37 billion, with a margin between 36 and 37 percent. That's below the sales of $37.55 billion and in line with the 36.8 percent gross margin Wall Street analysts polled by Thomson First Call had expected ahead of Apple's numbers.
RePlay of the call..
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