Apple Inc.’s (AAPL) iPhone Q1 Sales Miss Guidance, Posts Earnings Beat

Apple Inc. (NASDAQ:AAPL) unveiled strong first-quarter results to kick off its fiscal 2018 in style, but AAPL stock took a step back on the company’s weak guidance.

Apple Inc. (AAPL)
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Earnings came in at $3.89 per share on an adjusted basis, topping the Wall Street consensus estimate of $3.86 per share, according to Thomson Reuters. The figure was 15.77% higher than it was in the year-ago quarter.

Revenue was a strong point too for Apple as the company raked in $88.3 billion, ahead of the $87.28 billion that analysts polled by Thomson Reuters were calling for. However, the company’s second-quarter guidance missed estimates.

Apple projects its revenue for the current quarter to arrive in the range of $60 billion to $62 billion, missing the $65.73 billion that Thomson Reuters is calling for. It also sees its margin during the second quarter to be in the range of 38% to 38.5%, below the 38.9% expected by a StreetAccount estimate.

Part of the company’s lagging iPhone sales comes from the fact that it released three iPhones last month, one of which — the iPhone X — was a late addition and it had a whopping price tag of $999. Analysts expect sales of this device to be underwhelming.

AAPL stock fell 0.9% after the bell.

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