Apple Guidance Stinks

Apple’s record earnings came in a bit short of expectations Thursday, a situation the smart money attributed to its failure to make enough phones although it still sold an amazing 26.9 million of the things, up 58% year-over-year and good for $17.13 billion, into the expected launch of the new iPhone 5, which only came out at the very end of the third quarter. Apple admits to a lot of backlog and says it has no idea when supply and demand will even out. It earned $8.67 a share on revenues of $35.97 billion. It was expected to realize $8.75 a share on $35.86 billion. Apple sold 14 million iPads during the quarter, up 26% year-over-year, to $7.51 billion, less than the 17.5 million Wall Street originally anticipated and than rejigged to 15 million after Apple said Tuesday it sold 100 iPads since the beginning.

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