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Apple News Byte: Apple Beats Muted Expectations

Wochit 1:11 mins

Posting its fiscal third-quarter financials after market close, Apple reported earnings per share of $7.47 on revenue of $35.3 billion. Both numbers beat Wall Street estimates. Analysts had been expecting Apple to post earnings per share of $7.34 on revenue of $35.18 billion. Apple Inc is not expected to show a big post-earnings swing when it reports fiscal third-quarter results after the closing bell on Tuesday, but this could also mean investors are under-hedged in case the company delivers a shock. The options market is pricing in a potential move up or down of 4 to near 5 percent in Apple's stock price following the results. As Apple reports quarterly results after the close of business their gross profit margin has been falling since it hit 47% at the beginning of 2012. The company?s top-of-the-line iPhone 5 carries the highest profit margin, analysts say but worries about low supply levels make Apple shakey.

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