Instant Alert: Apple is taking off its earnings beat

MANAGE SUBSCRIPTIONS   |   UNSUBSCRIBE   |   VIEW ONLINE   Apple is taking off its earnings beat by Tina Wadhwa on Feb 1, 2017, 9:50 AM Apple is up more than 5% on Wednesday morning at $127.76 after reporting better than expected earnings on Tuesday afternoon. While the quarterly results were ahead of estimates, the company's second quarter revenue guidance came up a bit short. Here's a look at the key numbers: EPS (GAAP): $3.36, up 2% year-over-year, ($3.22 expected) Revenue: $78.4 billion, up 3% year-over-year, ($77.4 billion expected) Gross margin: 38.5%, versus expectations of 38.4% iPhone unit sales: 78 million, up 4% year-over-year, versus expectations of 76.3 million Q2 revenue guidance: $51.5 billion to $53.5 billion ($53.8 million expected)   The report showed iPhone sales grew for the first time in a year, but iPad sales declined for a 12th straight quarter. CEO Tim Cook said that Apple Watch sales set records for revenue and units sold, but did not disclose exact figures.  SEE ALSO: Apple beats on revenue and profit but forecasts weakness   Share the latest business news with your network:    Email sent to:   |   Manage your email preferences   |   Unsubscribe Terms of Service   |   Privacy Policy Business Insider. 150 Fifth Avenue, New York, NY 10011