Alongside today's announcement that it sold a record-breaking nine million iPhone 5s and iPhone 5c models over the launch weekend, Apple made a regulatory filing with the U.S. Securities and Exchange Commission revealing that it now expects revenue and gross margin for the current financial quarter to come in at the high end of its previously issued guidance.
On September 23, 2013, Apple Inc. (the "Company") announced that it has sold over nine million new iPhone 5s and iPhone 5c models, just three days after the launch of the new iPhones on September 20.
Apple expects total company revenue for the fourth fiscal quarter to be near the high end of the previously provided range of $34 billion to $37 billion, and expects gross margin to be near the high end of the previously provided range of 36% to 37%.
Apple's fourth fiscal quarter of 2013 runs through September 28, and the company will report earnings for the quarter in the latter part of October.
Apple's stock is currently up over 6% in pre-market trading.
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Top Rated Comments
Except Appple can not claim they sold any iPhones until they are delivered - from their 10-K they recognize revenue
The Company recognizes revenue when persuasive evidence of an arrangement exists, delivery has occurred, the sales price is fixed or determinable, and collection is probable. Product is considered delivered to the customer once it has been shipped and title and risk of loss have been transferred. For most of the Companys product sales, these criteria are met at the time the product is shipped. For online sales to individuals, for some sales to education customers in the U.S., and for certain other sales, the Company defers revenue until the customer receives the product because the Company retains a portion of the risk of loss on these sales during transit.
Yhus for the 2 iPhone you are waiting on Apple will not recognize revenue until they are in your eager hands. :-)
In the end, panicked reactions on message boards mean nothing, it all comes down to actual sales. And the millions buying are a very different crowd than the much smaller group of folks posting on message boards like this one.