Apple Inc (NASDAQ: AAPL) came out with an incredible quarter today. The company earned $4.34 billion on revenue of $20.3 billion. This smashed wall street expectations whose analyst estimated $18 billion in revenue. A record 3.9 million Macs were sold, and 14.1 million iPhones. The company had stated that it would have sold more iPhones had they produces more iPhones. The street seemed to be disappointed with 4.2 million iPad sales, even as Apple ramps up iPad production. Key stores such as AT&T and Verizon have yet to receive the iPad. AT&T receives the device in its stores on October 28. The iPad demand is large, but the devices seem to still be in short supply in other countries. Apple also has come out with a lineup of new iPods which should help sales increase for next quarter which includes the holiday season.
Apple shares fell 6.13% to $298.50 in after-hours trading as profit takers and short sellers created a negative atmosphere out what appeared to be an outstanding quarter.
"Apple goes KOBATA again," said Allan Edwards, co-CEO of The Markets Are Open "There's just no stopping these guys." KOBATA is a rarely used term on Wall Street standing for "knocked it out of the ballpark above top anticipations." Edwards continued that it is very rare to see a KOBATA in back to back quarters.
Apple also blew past Research In Motion for the first time, outselling them iPhone vs BlackBerry. Steve Jobs also commented that Android was his next target. Microsoft shares also dropped on the news.
To read Kibbens' full report, click here.
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