Apple (AAPL) Shares Trade Up After Beating Most Metrics, But Just by a Smidge

Apple (NASDAQ: AAPL) reported financial results today after the market close and the stock is trading up 2.8% in the aftermarket. Revenue of $51.5 billion beat expectations of $51.1 billion. Gross Margin of 39.9% was slightly higher than consensus of 39.5%. EPS of $1.96 beat consensus of $1.87.

Guidance for December of $75.5-$77.5 billion in revenue straddles the consensus of $77.14 billion.

Breaking down the numbers by product, iPhone units were 48.05M compared to consensus of 48M, Mac units were 5.71M compared to expectations of 5.7M and iPad units were 9.9M versus expectations of 10.5M.

This quarter is marked by concerns over waning iPhone demand as the product cycle extends, overall consumer in China comes into question and currency hedges roll off. On the plus side, carrier handset replacement programs should accelerate consumer purchasing cycles, next generation handsets (larger screen versions) positively influence ASPs and services such as Apple Pay and Apple Music gain scale.

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