“Apple reported fiscal first quarter earnings that beat analyst estimates, but came in below expectations on revenue, iPhone sales and more,” Everett Rosenfeld reports for CNBC. “The company said it saw quarterly earnings of $3.28 per share on $75.9 billion in revenue. Analysts had expected Apple to report earnings of about $3.23 a share on $76.54 billion in revenue, according to a consensus estimate from Thomson Reuters.”

“Apple CEO Tim Cook described the quarter to CNBC as a period in which there were ‘a lot of great things happening in a turbulent environment,'” Rosenfeld reports. “The company also reported that it sold 74.8 million iPhones in the quarter, missing expectations of about 75.46 million, according to StreetAccount.”

“Cook said on the company’s earnings call that he expects iPhone unit sales to decline in the fiscal-year second quarter. Cook told CNBC that while the second quarter will be the iPhone’s toughest comparison, “the year will get better as we move forward,'” Rosenfeld reports. “Mac and iPad sales also came in weaker than expected. The tablets saw 16.1 million units in the quarter, compared to an expected 17.93 million, and Macs recorded 5.3 million compared to estimates of 5.8 million.”

“Still, Apple highlighted its earnings success in its quarterly report. The revenue of $75.9 billion compares to $74.6 billion in the year-ago period. Cook said the company would have seen a growth rate of 8 percent in constant currency — instead of 2 percent,” Rosenfeld reports. “‘Our record sales and strong margins drove all-time records for net income and EPS in spite of a very difficult macroeconomic environment,’ Luca Maestri, Apple’s CFO, said in the company’s earnings release.”

Read more in the full article here.

MacDailyNews Take: In the current macroeconomic conditions, Apple executed a tremendous quarter!

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