As expected, Apple crushed earnings. By Wall Street’s standards the analysts were laughably far from reality. Apple posted EPS of $3.33 which was 36% higher than Wall Street’s ridiculous estimate of $2.44. Revenues came in at $13.5B which was $1.5B higher than Wall Street’s estimate of $12B.
As we suspected, the “unaffiliated” estimates were much closer to the actual figures though Apple still managed to outperform these lofty expectations. The company is providing EPS guidance that is practically comical – $2.28-$2.39. This is well below my estimate of $2.85.
Regardless of all this, one thing is certain – Apple Inc. is absolutely smoking.