Adam’s preview is here

Results:

  • earnings $14.50 (expected $14.07)
  • revenue is $57.6bn (expected $57.4bn) … record quarterly revenue
  • gross margin 37.9%
  • in Q1 sold 51 million iphones (all time quarterly record, compared with 47.8 million in year ago quarter) – analyst expectations were for around 55 million
  • Scrooge McDuck Apple cash hoard up 18% in the last quarter to $159 billion (nearly flat in the past two quarters)

(vs. Consensus estimates:

  • EPS $14.07, revenue $57.48b, gross margin 37.3%
  • 2Q EPS $10.93, revenue $46.10b, gross margin 37.3%)

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Apple guidance for its fiscal 2014 second quarter (provided by Apple):

  • revenue between $42 billion and $44 billion
  • gross margin between 37 percent and 38 percent
  • operating expenses between $4.3 billion and $4.4 billion
  • other income/(expense) of $200 million
  • tax rate of 26.2 percent

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Market reaction was swift, the share price is down about 4.8% in after-hours trading. Maybe on the revenue forecast being a bit low (investors were apparently expecting the China Mobile deal meant a more upbeat guidance for Q2)? Another concern being cited is iPhone sales: in Q1 coming in at 51 million in sales, which is an all time quarterly record, compared with 47.8 million in year ago quarter … but analyst expectations were for around 55 million …. give me MOAR!