Apple shares fall 6% after earnings: $1.85 per share, vs expected EPS of $1.81

July 22 00:54 2015

Apple reported quarterly earnings and revenue that barely beat analysts’ expectations on Tuesday. The company posted fiscal third-quarter earnings per share of $1.85 on revenue of $49.6 billion. Analysts expected Apple to report earnings of $1.81 a share on $49.43 billion in revenue, according to a consensus estimate from Thomson Reuters. apple-store

In percentage terms, this is Apple’s smallest EPS beat in two years. Shares fell more than 8 percent in after hours trading before paring some of those losses. Shipments for the iPhone came in at 47.5 million, the company said. The iPad, meanwhile, shipped 10.9 million units, according to Apple.  Apple CEO Tim Cook said that the iPhone 6 is a runaway success, and that the product category is continuing to gain significant market share.

“We had an amazing quarter, with iPhone revenue up 59 percent over last year, strong sales of Mac, all-time record revenue from services, driven by the App Store, and a great start for Apple Watch,” Cook said in the earnings release. Apple’s third quarter gross margin was 39.7 percent. Wall Street had expected gross margins of 39.5 percent, according to Street Account.

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