Apple sells 47.5 million iPhones during its fiscal third quarter; stock plunges
This was the first quarter that included the new Apple Watch, but the tech titan did not separate sales of the timepiece. Instead, Apple included it with a category called "other products." Revenue of that category rose year-over-year by 49% to $2.64 billion. Mr. Cook noted that the product is available in only 1% of the locations where the iPhone can be found.
The Apple iPad continued to run into problems. For the sixth consecutive quarter, unit sales declined, this time by 18% year-over-year.
Because Apple just barely beat the Wall Street estimate for iPhone sales, the stock is getting smacked by investors. In after hours trading, Apple's shares are down more than $9 from Tuesday's close, trading at $121. That is a decline of nearly 8% since the earnings were announced.