Apple’s earnings announcement was a true mixed mag for investors.
As a result, shares of AAPL are tumbling after hours despite the promising fact that Apple topped analyst earnings and revenue estimates.
Dampening the parade for Apple is the company’s anticipated gross margins of between 36.5 percent and 37.5 percent this quarter. Analysts had forecast 37.9 percent.
Apple is projecting revenue of $55 – $58 billion. Analysts’ estimate come in at $55.70 billion for this quarter.
For the quarter ending September 30th, Apple’s net income declined by 8.5 percent to $7.5 billion (down from $8.2 billion in the same quarter last year). Revenue, however, increased 4 percent to $37.5 billion.
“Analysts had expected the tech giant to report earnings of $7.96 a share on $36.93 billion in revenue, according to a consensus estimate from Thomson Reuters,” CNBC reports.
For the most recent quarter, Apple sold 33.8 million iPhones and 14.1 million iPads.
The company’s gross margin fell to 37 percent (down from 40 percent in the same quarter last year).
“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 Apple CEO Tim Cook in a written statement. “We’re excited to go into the holidays with our new iPhone 5c and iPhone 5s, iOS 7, the new iPad mini with Retina Display and the incredibly thin and light iPad Air, new MacBook Pros, the radical new Mac Pro, OS X Mavericks and the next generation iWork and iLife apps for OS X and iOS.”