Apple Inc. (NASDAQ:AAPL) reported quarterly earnings with better than expected iPhone sales. The report beat analyst expectations and revenue lined up with expectations. The company reported EPS of $1.67, above expected EPS of $1.66. Revenue of $46.90 billion was short of the expected $46.94 billion. Shares surged after hours on the earnings release but fell down below closing price of $118.25.
iPhone sales were stronger than expected 45.5 million units. “We couldn’t be more excited about the customer response to the iPhone 7 and the iPhone 7 Plus,” CEO Tim Cook stated. During Q1 apple expects revenue between $76 billion and $78 billion which tops the $74.9 billion analysts expected at StreetAccount.
Apple will be holding a press event on October 27th, where many expect the company to reveal new Macs. “It’s going to be interesting: The next 6 to 12 months are pivotal or the industry,” said Dan Ives, senior vice president of finance and corporate development at Synchronoss Technologies, a mobile cloud services platform. “It speaks what type of pent up demand there is. Does google become a player? Will Samsung get back on track? I think it’s almost like a game of high stakes poker. You want to see where everyone’s cards stand.”