Here's what Wall Street is saying about Apple's results
The Cupertino tech giant posted its earnings for Q1 of the 2016 fiscal year on Tuesday.
Its revenues for holiday-quarter revenue - $75.9 billion (£53 billion) - missed both analyst expectations and company guidance.
iPhone sales also failed to reach expectations. They increased year-on-year, but only barely - and Apple is forecasting a decline, its first ever.
CEO Tim Cook says that the company is "seeing extreme conditions unlike anything we have ever experienced before," making Apple's overseas activities more difficult.
Analysts remain overwhelmingly positive about the company - although many are revising down their price targets and guidance for investors. We've rounded up more than a dozen analysts' notes about Apple, and what they're forecasting in the year to come.
But first, here's the key numbers, version analyst expectations:
- Q1 EPS: $3.28, up 7% year-over-year, versus expectations of $3.23
- Q1 revenue: $75.9 billion, up 2% year-over-year, versus expectations of $76.6 billion
- Gross margin: 40.1% versus expectations of 39.9%
- iPhone unit sales: 74.8 million, flat year-over-year, versus expectations of 75 million
- iPhone ASP: $690 versus $674 expected
- iPad unit sales: 16.12 million, down 21% year-over-year, versus expectations of 17.3 million
- Mac unit sales: 5.31 million, down 3% year-over-year, versus expectations of 5.8 million
- Q2 revenue guidance: $50-$53 billion versus expectations of $55.7 billion. At its midpoint of $51.5 billion, Apple revenue would be down 11% year-over-year.
Read on to see what analysts had to say about the results...