Well, they didn’t hit the $40 billion revenue threshold — not even close. The actual number was $35 billion — a miss by Wall Street standards, as it was *just* $1 billion ahead of Apple’s actual guidance (which is always low).
Why the dampened numbers? iPhone sales dropped to 26 million, which was a sharper drop-off than many expected. Considering Apple makes most of its money off the iPhone, this led to the depressed revenue. The iPad had record sales of 17 million, but that surge couldn’t offset the iPhone drop.
The Mac sales held steady quarter-to-quarter at 4 million, which was also less than some were expecting given the new MacBook Airs and the Retina MacBook Pros (though they were only on the market for the last few weeks of the quarter).
iPod sales were better than expected (still down year-to-year), but they simply don’t matter much anymore in the bigger picture.
A lot of people are noting Apple’s relatively weak guidance for Q4 — $34 billion of revenue. It seems to be setting up just like last year where Apple shows some (relative) weakness ahead of a massive Q1. Think of it as the sea receding before a tidal wave hits.
iOS 6 is a lock. A new iPhone is almost for sure coming as well. New iPod touches and maybe a new iPod nano are likely as well. There may be a new iMac and/or maybe another Retina MacBook. And then there’s that iPad mini…
For whatever reason, it appears that Apple is putting all its chips into the holiday season. You might think that’s because it’s when sales are the strongest anyway. But it may simply be because that’s when the products will be done.