Apple beat analyst estimates for the fourth fiscal quarter, but the stock still dipped by nearly 5% in after hours trading.
Apple reported earnings per share of $8.26 on revenue of $37.5 billion for the quarter, coming in well ahead of Wall Street estimates for earnings of $7.93 per share on revenue of $36.84 billion. While revenue for the September quarter was up from $36 billion a year ago, profits declined year-over-year for the third straight quarter.
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The company also reported selling 33.8 million iPhones, an increase of 26% from the previous year and beating estimates. iPad sales, on the other hand, came in a little light at 14.1 million -- essentially flat year over year -- presumably because consumers were waiting to see the newest models released this month.
“We’re pleased to report a strong finish to an amazing year with record fourth quarter revenue, including sales of almost 34 million iPhones,” said Tim Cook, Apple’s CEO, in a statement.
After going nearly a year without a major product launch, Apple has made good on its promise to have a "very busy fall." During the past month and a half, Apple has unveiled two new iPhones, two new iPads and updates to its Mac devices and software. That flurry of activity appears to have helped the stock, which has stayed above the $500 mark in recent days after having dropped below $400 in June.
As of publication, Apple's stock had rebounded somewhat and was down about 2% after hours.
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