Apple Smashes Q4 Earnings Estimates, iPad Units See Strongest Growth

Apple Inc. AAPL shares are surging after trouncing fourth-quarter estimates.

The tech giant's market cap is nearing $900 billion after delivering fourth-quarter EPS of $2.07, beating estimates by 20 cents. Sales came in at $52.6 billion, topping estimates by $1.81 billion.

"We're happy to report a very strong finish to a great fiscal 2017, with record fourth quarter revenue, year-over-year growth for all our product categories, and our best quarter ever for Services," said CEO Tim Cook. "With fantastic new products including iPhone 8 and iPhone 8 Plus, Apple Watch Series 3, and Apple TV 4K joining our product lineup, we're looking forward to a great holiday season, and with the launch of iPhone X getting underway right now, we couldn't be more excited as we begin to deliver our vision for the future with this stunning device."

Apple issued first-quarter sales guidance of $84-$87 billion, and expects first quarter gross margins of 38-38.5 percent.

Q4 Highlights

• 46.677 million iPhone units sold, up 3 percent year-over-year
• 10.326 million iPad units sold, up 11 percent year-over-year
• 5.386 Mac units sold, up 10 percent year-over-year

Shares of Apple were up over three percent following the release. Click here for the full results.

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