Apple Achieves Record iPhone Sales, But Wall Street Is Not Impressed

AppleApple has reported record sales for its fiscal first quarter, but Wall Street remains underwhelmed. The company said that it sold 51 million iPhones in the quarter, up from the previous quarter and the previous year, as well as 26 million iPads and 4.8 million Macs. Though the latter sales beat expectations, Wall Street analysts were looking for 55 million in iPhone sales.

Revenue for the quarter rose by nearly 6% to $57.6 billion, which was in line with projections, while earnings remained stable from the same period in 2012 at $13.07 billion. Gross margin for the quarter was 37.9%. In its forecast for the next quarter ending in March, Apple forecast revenue of between $42 billion and $44 billion and a gross margin between 37% and 38%. Analysts had been expecting a revenue forecast of $46 billion.

Even though Apple had record sales and a profitable quarter, its lower than expected forecast drove its stock down following the report. In some ways, the company has been a victim of its own success. Not only do analysts expect incredible sales every quarter, but they are constantly looking for Apple to launch the next hit product beyond simply releasing new iterations of the iPhone and iPad.

Apple’s next report will include the first results of its partnership with China Mobile, which is expected to bring a significant boost to iPhone sales.

TAGS: , , , , ,