Apple released its earnings for the fourth quarter and the results are far from what analysts have expected. This is for the first time since 2004 that Apple’s financial results were not as per the expectations of the wall street analysts. The shares of Apple are down 7% in the after hours trading.
Analysts had expected Apple to earn $7.39 per share on revenue of $29.69 billion but Apple declared that it earned $7.05 a share with a revenue of $28.3 billion. Apple also fall short on the sale of iPhones for the fourth quarter and one reason for that might be the delayed launch of the new iPhone. Street analysts predicted that Apple will sell 18-20 million iPhones where as Apple sold around 17 million iPhones in the fourth quarter.
However keeping into consideration the upcoming holiday season, the earning guidance for the next quarter is set for $37 billion and earning per share guidance is set to $9.30. I am sure Apple will have a blasting holiday season and will be able to beat the targets set for the next quarter.
For Apple's press release please go here.
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