“iPad Christmas” Helps Apple Beat Street, Q2 Guidance a Grinch

Apple posted earnings of $14.50 per share on revenue of $57.6 billion in its fiscal first quarter, beating analyst estimates of $14.07 on sales of $57.46 billion. During the same period a year ago, Apple posted $54.5 billion in sales and $13.81 in earnings per share. Tim Cook’s team sold 51 million iPhones in Q1, around 5 million below Street estimates. However, it sold 26 million iPads versus 25 million expected by buy-side analysts. The stock is trading down sharply in after hours trading due to lower than expected Q2 sales guidance.

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