Apple released their earnings for Q1 2014 and they were disappointing to analysts. The main let down was the sales of iPhones with the iPhone 5s leading the pack.
Analysts expected Apple to sell around 55 million phones last quarter, they only managed to sell 51 million. The CFO said
“The iPhone 5S sold better than we expected, but we were not able to come into a supply-demand balance until the end of the quarter.”
Apple admitted they were not able to keep up with demand. Apple also guided lower for the next quarter and said it expected revenue of 42-44 million for the 2nd quarter which is lower than analysts estimates of 46million.
Tim Cook said
“Our objective has always been to make the best, not the most,”