Apple beats by $0.04, reports revs in-line; guides Q2 revs below consensus
- Reports Q1 (Dec) earnings of $3.89 per share, $0.04 better than the Capital IQ Consensus of $3.85; revenues rose 12.7% year/year to $88.29 bln vs the $87.62 bln Capital IQ Consensus; gross margin of 38.4% versus 38.4% ests and 38.5% last year
- iPhone shipments 77.3 mln versus 81.5 mln ests and 78.3 mln last year.
- iPad shipments 13.1 mln versus 13.7 mln ests and 13.1 mln last year.
- Mac shipments 5.1 mln versus 5.6 mln ests and 5.4 mln last year.
- Americas rev +10% to $35 bln; Europe +14% to $21 bln; China +11% to $18 bln; Japan +26% to $7 bln; AsiaPac +17% to $7 bln
- Co issues downside guidance for Q2, sees Q2 revs of $60-62 bln vs. $65.62 bln Capital IQ Consensus; gross margin between 38-38.5%; operating expenses between $7.6 billion and $7.7 billion; other income/(expense) of $300 million; tax rate of ~15%.