I find it hilarious when business reporters act as though the sky is falling on Apple’s head when its earning reports are average, for Apple anyway, rather than ridonculous. For instance, this afternoon Apple reported quarterly revenue of $35.97 billion, beating estimates of $35.82 billion, and reported sales of 29.6 million iPhones, beating estimates of 25 million, yet the headline on a WSJ story about the report is “Apple Earnings Miss Expectations.” And here’s the lead to that story: “Apple’s earnings fell short of Wall Street’s expectations, and the company’s outlook doesn’t look so hot either.”
Apple’s knack for surprises held up in its quarterly earnings today.
The company narrowly beat expectations on revenue, but missed on profits.
Buoyed by sales of the iPhone and iPad, the company reported revenue of $36 billion and profits of $8.2 billion, or $8.67 per share, for the quarter ended September 29.
Wall Street expected Apple to report $35.80 billion in sales, with earnings per share of $8.75. Apple’s own forecast for the quarter was $34 billion, with earnings per share of $7.65.
I’m so confused. Bottom line: Apple sold roughly $35 billion of stuff IN A SINGLE QUARTER. And the world spins madly on.
(Pic via Guest of a Guest)