Apple Earnings Beat Expectations, Stock Is Up After Hours

By Jay Yarow

Apple's (AAPL) numbers are out! It's a slight beat on the top and bottom line, fueled by better than expected iPhone sales. iPad sales were light, though.

The stock is up 5 percent after-hours. However, we expect wild swings.

In the release, CEO Tim Cook said, "We are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014."

Here's the key numbers versus expectations where appropriate:

Revenue: $35.3 billion versus $35.18 billion expected by sell-side analysts. Whisper was $37 billion. Apple's guidance was $34.5 billion (midpoint).
EPS: $7.47 versus $7.34 expected by sell-side analysts.
iPhone units: 31.2 million versus 26 million expected by sell-side analysts. Whisper was 26.5 million.
iPad units: 14.6 million versus 18.3 million expected by sell-side analysts. Whisper was 18 million.
Gross Margin: 36.9 percent versus 37 percent expected by sell-side, and it was the whisper number, too. Apple guided to 36.5 percentmidpoint on margin for the quarter.
Mac units: 3.8 million versus 3.9 million expected by sell-side analysts, and it was the whisper number, too.
September quarter revenue: $34-$37 billion versus $37.9 billion expected by sell-side analysts. Whisper was $37 billion.
September quarter gross margin: 36-37 percent versus 37 percent expected by sell-side analysts.
iPhone ASP: $581, versus $613 last quarter.
Cash and securities: $146.6 billion

See Business Insider's liveblog of Apple's earnings call