Apple’s $52.9B in revenue misses estimates, iPhone sales below expectations

This afternoon Apple announced revenue of $52.9 billion, which was up vs. last year but short of analyst expectations of $53 billion. However, the company beat earnings per share estimates by $0.08.

Apple sold just under 51 million iPhones in the quarter, lower than the 53 million analysts had anticipated. Apple smartphone sales later this year may also disappoint as consumers await the introduction of the iPhone 8.

Here are device numbers:

• iPhones: 50.8 million units, $33.2 billion in revenue
• iPad: 8.9 million units, $3.9 billion in revenue
• Macs: 4.1 million units, $5.8 billion in revenue
• Services (including Apple Pay, Apple Care): $7 billion in revenue
• Other (including Apple TV, Apple Watch, Beats products): $2.9 billion in revenue

International sales were roughly 61 percent of total revenue. Gross margins were 38.9 percent, slightly above Wall Street expectations. The Americas, Europe and Greater China were the company’s top markets, in that order.

Apple provided Q3 revenue guidance of between $43.5 billion and $45.5 billion. The company’s cash on hand is now nearly $257 billion.