Apple Inc. (AAPL) Revises Q4 Expectations, Makes More Over The Weekend Than Blackberry Is Selling For
Over the weekend Apple Inc. (NASDAQ:AAPL) sold 9 million new iPhones. Now the company has announced that they are expecting their Q4 revenues to be near the high end of their original estimates. Apple set their estimate to be at between $34 and $37 billion of total revenues and 36% to 37% gross margins for the fourth fiscal quarter.
Apple had a limited supply of the device, but millions of people went into retail stores to pre-order the device across the world. Some customers lined up as early as two weeks in advance of the retail release.
Apple competitor, BlackBerry announced today that they would be going private in a $4.7 billion deal with Fairfax Financial. This deal is expected to finalize in the next few week, but BlackBerry can accept offers from other companies.
Since Apple sold 9 million phones over the weakend, Apple generated well over $5 billion in revenues from the iPhone business alone. This is more than BlackBerry as a whole.