Apple Inc. (AAPL) surprised skeptics by selling a record nine million units of its new iPhones (5s and 5c) following their much-anticipated launch in September 2013. Soon after the launch, the company had raised its guidance for FY13, revising its expectations for full-year revenues to the high end of its previously-announced range of $34-37 billion. It had also said gross margins would expand to the upper limit of the 36-37% range in the last quarter.
However, despite these bullish guidance numbers, the company appeared to be in trouble when Strategy Analytics – a research and consultancy firm – released data, just before the latest earnings announcement, which indicated that Apple’s 15.6% share in the smartphone market in the third quarter of fiscal year 2012 (3QFY12) had declined to 13.4% by 3QFY13.
But Apple had the perfect riposte when – in its earnings release for 4QFY13 – it beat its own, as well as consensus estimates by posting revenues and gross margins at the higher end of its target ranges.
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