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Apple Guidance Good News for iPhone Launch

Upbeat guidance implies Apple is confident it can meet demand for its new phones.

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Brian Colello: Apple reported fiscal third-quarter earnings tonight, and there was a lot to like in the earnings. The stock was up 6% after hours. Revenue, gross margins, and EPS all beat for the third quarter. 

Looking at product by product, the iPhone sales for the third quarter were solid, particularly with the 7 and the 7 Plus. Those were a little bit higher than the 6S and 6S Plus sales a year ago, so Apple got some nice comps there. 

Brian Colello does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.