Apple Earnings Smashes Expectations

Apple reported revenue and profit significantly higher than what Wall Street analysts expected and spiked as much as 3% before settling down up around 1% in after-hours trading.

Apple’s revenue was up 9% to $91.8 billion, which beat its own guidance. That’s a significant change from the same quarter last year when it had to revise its revenue guidance down mid-quarter based on weakness in China.

Apple’s earnings were partially powered by iPhone revenue, which was up 8% on the strength of new iPhone models to $55.96 billion…

Source: CNBC

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