Apple back to re-accelerating growth: Pro
Monday, 28 Oct 2013 | 4:32 PM ET
Digging into Apple's Q4 data, with Max Wolff, ZT Wealth senior analyst, and Alex Gauna, JMP Securities senior research analyst. "the iPhone was a "nice refresh" for the company," says Gauna.
Apple earnings and revenue beat analysts' estimates on Monday, though shares fell in after-hours trading.
During the current quarter, the company expects gross margin of 36.5 percent to 37.5 percent, which missed forecasts of 37.9 percent. It sees revenue of $55 billion to $58 billion, versus analysts' estimate of $55.70 billion.
What's Apple stock doing now? (Click here to get the latest quote.)
Net income fell by 8.5 percent to $7.5 billion, or $8.26 per share, in the fourth quarter from $8.2 billion, or $8.67 per share, last year.
Revenue increased 4 percent to $37.5 billion from $35.97 billion a year ago.
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.
During the fourth quarter, Apple sold 33.8 million iPhones, 14.1 million iPads. The company said its gross margin fell to 37 percent from 40 percent in the year-ago quarter.
"With Apple focusing on premium products, maintaining their pricing, ignoring calls for a low-cost iPhone in China, I think we would have expected higher gross margins," said Brian Colello, an analyst with Morningstar.
''With the higher-price phones and clear preference toward the 5S, we were all expecting more of a gross margin boost for the December quarter," he added.
—CNBC with Reuters.
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