Apple’s quarterly results missed on revenue and earnings per share “but guidance was significantly ahead of our and Street expectations,” said Jefferies analysts in a note.
“At first glance, Apple’s fiscal fourth-quarter results lacked the upside surprise to which some investors have become accustomed. It would be a mistake, however, for investors to view the sequential decline in iPhone sales as an inflection point for Apple’s success. In fact, we believe Apple’s December quarter is shaping up to be a blockbuster,” added Mornigstar’s Holt.
“Widespread speculation of a new phone release (which occurred last week) drove delays in purchases, causing the iPhone segment, which represents approximately 40% of total revenue, to grow just 25% year over year. In the short time since its release, however, the iPhone 4S is establishing a record sales pace and continues to exceed expectations despite a launch event that received a lukewarm reception,” he wrote in a report.
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