Apple's Record-Breaking iPhone Weekend
Sep 23rd 2013 1:05PM
Updated Sep 23rd 2013 1:06PM
Apple announced this morning that the company sold a record-breaking 9 million iPhone 5c and 5s units in the models' debut weekend. Analysts were only expecting around 5 million to 7 million phones sold. This is also the first time Apple has launched two phones at once.
Additionally, in an 8-K filed today, Apple now expects revenue and gross margin for the quarter to come in near the high end of guidance, at $37 billion and 37%, respectively. Investors are seeing a small amount of margin compression compared to the year-ago quarter, but that was anticipated.
Motley Fool analyst Jason Moser is impressed by this showing, though he notes that a company this size can't expect to keep posting record-breaking growth. Since hitting all-time highs last year, Apple shares have dropped by more than 30%. Jason thinks Apple's share buybacks and dividends have helped transform Apple from a growth stock to more of an income-investor pick.
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The article Apple's Record-Breaking iPhone Weekend originally appeared on Fool.com.Erin Kennedy owns shares of Apple. Jason Moser has no position in any stocks mentioned. The Motley Fool recommends Apple. The Motley Fool owns shares of Apple. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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