Apple Falls On Lower Q2 Guidance, iPhone And iMac Sales Down

Apple Inc. (NASDAQ:AAPL) shares fell despite delivering the biggest quarter in company history.

The world’s largest company reported first quarter earnings of $3.89 per share, topping estimates by 3 cents. Sales came in at $88.3 billion, $1.02 billion ahead of estimates.

Apple issued weak Q2 guidance, seeing sales between $60 billion-$62 billion vs. $65.7 billion estimates.

"We're thrilled to report the biggest quarter in Apple's history, with broad-based growth that included the highest revenue ever from a new iPhone lineup. iPhone X surpassed our expectations and has been our top-selling iPhone every week since it shipped in November," said CEO Tim Cook. "We've also achieved a significant milestone with our active installed base of devices reaching 1.3 billion in January. That's an increase of 30 percent in just two years."

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Q1 Highlights

77.316 million iPhone units sold, down 1 percent YoY
13.17 million iPad units sold, up 1 percent YoY
5.112 million Macs sold, down 5 percent YoY
Active installed base Of 1.3 billion devices
Americas sales up 10 percent YoY
Europe sales up 14 percent YoY
Greater China sales up 11 percent YoY
Japan sales up 26 percent YoY

At time of publication, Apple's stock was down about 1 percent at $166.60. Former Piper Jaffray tech analyst Gene Munster will be on Benzinga's PreMarket Prep Friday at 1 p.m. ET to break down the earnings report.

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