Apple blew away expectations in its December quarter, which it just announced this afternoon after markets closed. After trading down 1.6 percent ($7) during the day, shares are up more than 7 percent ($30) in after-hours trading to $450.
Apple recorded its first quarter of revenues above $40 billion, with revenues coming in at $46.3 billion. EPS was $13.87, versus a consensus of $10.08. Apple sold 37 million iPhones, well above the 33 million even the most bullish investors were looking for. And iPad sales came in at 15.4 million, also above the 13 million bullish case. Mac sales were extremely healthy at 5.3 million units.
Apple’s growth in the quarter was astounding. It has now sold 315 million cumulative iOS devices. Apple ended the quarter with $97 billion in cash.