Apple is taking off its earnings beat

Apple is up more than 5% on Wednesday morning at $127.76 after reporting better than expected earnings on Tuesday afternoon. While the quarterly results were ahead of estimates, the company’s second quarter revenue guidance came up a bit short.

Here’s a look at the key numbers:

  • EPS (GAAP): $3.36, up 2% year-over-year, ($3.22 expected)
  • Revenue: $78.4 billion, up 3% year-over-year, ($77.4 billion expected)
  • Gross margin: 38.5%, versus expectations of 38.4%
  • iPhone unit sales: 78 million, up 4% year-over-year, versus expectations of 76.3 million
  • Q2 revenue guidance: $51.5 billion to $53.5 billion ($53.8 million expected)

The report showed iPhone sales grew for the first time in a year, but iPad sales declined for a 12th straight quarter. CEO Tim Cook said that Apple Watch sales set records for revenue and units sold, but did not disclose exact figures.

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