Apple (NASDAQ:AAPL) tumbled in after-hours trading on Wednesday after revenue for its fiscal first quarter slightly missed Wall Street expectations and sales of the iPhone came in below targets. Revenue grew 18 percent to $54.5 billion and earnings came in at $13.1 billion, or $13.81 per share, for the December-ending quarter. Analysts were expecting earnings of $13.48 per share on revenue of $55 billion, according to FactSet data.
Year-over-year, Apple sold 48.7 percent more iPads, 21.1 percent fewer Macs, 17.5 percent fewer iPods, and 29.1 percent more iPhones.
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6:01 pm: Shares down 10.74 percent at $458.78.
6:00 pm Cook: [On getting aggressive with iPhone pricing] We feel great about our opportunity of getting products to our customers and a percentage of those buying other Apple products. We’ve seen evidence of that through history and continue to see it today.
5:53 pm: Cook: In terms of cannibalization, I think cannibalization is a huge opportunity for us our base philosophy is to never fear cannibalization. If we don’t, somebody else will just cannibalize it. We know the iPhone has cannibalized some iPod business, we know the iPad has cannibalized some Macs.
5:51 pm: Stock now down 10.41 percent at $460.50 in after-hours trading.
5:49 pm: Cook: If you look at Greater China, our revenues were $7.3 billion in the quarter. This is incredibly high, up over 60 percent year-over-year. That’s comparing 13 to 14 weeks, too, so the underlying growth is higher than that. We saw exceptional growth in iPhones in triple digits. We shipped the iPad very late in the quarter in December [in China] and despite that, we saw very nice growth.
5:47 pm: Cook: The 80 percent [product ramps] from last year was an unusually high percentage for us. The number of ramps was unprecedented in that we had new products in every category. We feel great to have delivered so many products for the holiday season, and our customers have expressed joy over it.