Apple shares are down 9% in after hours trading despite strong numbers from its latest quarterly earnings report.
The world’s most valuable technology company generated revenue of nearly $58 billion dollar in the last three months of 2013 and posted $13 billion in profit.
Apple sold 51 million iPhones, an all-time record, as well as 26 million iPads, also a new record for the company (Wall Street expected 55 million iPhone sales). Nearly five million Macs were sold.
“We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, software and services,” said Tim Cook, Apple’s CEO. “We love having the most satisfied, loyal and engaged customers, and are continuing to invest heavily in our future to make their experiences with our products and services even better.”
“We generated $22.7 billion in cash flow from operations and returned an additional $7.7 billion in cash to shareholders through dividends and share repurchases during the December quarter, bringing cumulative payments under our capital return program to over $43 billion,” said Peter Oppenheimer, Apple’s CFO.
Apple expects up to $44 billion in revenues during the current quarter.