Apple Inc. (AAPL) Tumbles After Q3 Earnings

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Apple Inc. (AAPL) Tumbles After Q3 Earnings

Apple released its third fiscal quarter earnings after closing bell tonight, posting diluted earnings of $1.85 per share and basic earnings of $1.86 per share on $49.6 billion in revenue, a 33% year over year increase. Analysts had been expecting the company to post non-GAAP earnings of $1.89 per share and revenue of $49.2 billion. Apple had guided for revenue of $46 billion to $48 billion.

In the same quarter last year, Apple Inc. (NASDAQ:AAPL) posted earnings of $1.40 per share and revenue of $37.4 billion.

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Key metrics from Apple’s (AAPL) earnings report

Apple Inc. (NASDAQ:AAPL) sold 47.5 million iPhones, a 35% year over year increase during the quarter, amounting to $31.37 billion in sales, compared to the expectation of $30 billion. Analyst estimates for iPhone s