“Apple (AAPL) announced financial results for its fiscal third quarter after the close on Tuesday. The results were overall better than expected, being near the higher end of guidance for revenues and earnings and beating analyst expectations for both. The biggest surprise was a much higher-than-expected 31.2 million iPhones sold in the quarter, while iPads sold under expectations,” Arnbjorn Ingimundarson writes for Seeking Alpha. “Another surprise was the rate at which Apple is buying its own shares – $16 billion worth over the course of last quarter. That is close to a quarter of a billion dollars each trading day.”
“Apple investors are now in a wait-and-see mode until the fall,” Ingimundarson writes. “The coming months will reveal what new hardware Apple will have to offer for the holiday quarter as well as how iOS7 and OS X Mavericks is received by users.”
Ingimundarson writes, “For every threat Apple faces, it has just as many opportunities. Tim Cook, who does not strike me as a man of hyperbole or cockiness, seems very confident in the company’s product pipeline. Apple’s management knows that the company’s shares are on sale for the time being and is taking advantage of the opportunity while it lasts. You should consider doing the same.”
Read more in the full article here.