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Apple Earnings Report

January 23, 2013

By Gilbert Falso :: 4:35 PM

Apple earningsApple is currently releasing its quarterly earnings report. Here is what we know now.

Revenue is $54.5 billion in Q1, with net profit at $13.1 billion, with a gross margin of 38.6%. The company expects Q2 revenue to come in around $41-43 billion, which is way below analysts’estimates of $45-48 billion.

The company sold 47.8 million iPhones in Q1, and international sales accounted for 61% of revenue. Analysts had thought Apple would sell 50 million iPhone handsets.

Shares of Apple took a nosedive, down about 5% on this news. Apple had closed at $514.17, and at 4:40 pm, after hours trading pegged the stock at 488.64.