Apple beat earning estimates of $3.11, posting $3.51 per share. Revenues came in at an all time high of $15.7 beating even holiday Quarters and much higher than analyst expectations of $14.74. Revenue and earnings were the highest Apple has seen in the 34 year history of the company. Profit was reported at $3.25 billion, a 78% increase over last year.
Apple has continued to beat estimates and this quarter had a boost from iPhone and iPad sales. The big story looking forward is Apple's recent revenue guidance for the next quarter. Analysts were expecting apple to guide around $17 billion in revenue for Q4. However Apple has raised guidance to $18 billion indicating that revenue will likely come in at the higher end of $19 or $20 billion.
Apple's international expansion is also paying off very nicely. Revenue in Europe was up 66% compared to last year while sales in Asia Pacific are up 160% year over year.
I believe Apple still has a very promising future and give it a hold rating. With the holiday season approaching and a view that they will have other service contracts for the iPhone sometime in the next year the upside is promising. Apple still seems to give consumer's an unparalleled experience with mobile phones and now the iPad. More people fall in love with Apple products daily and I do not think they are at full potential yet.