Apple earnings top estimates, but outlook disappoints

An Apple Store in Santa Monica, Calif.
An Apple Store in Santa Monica, Calif. (Photo: Ina Fried/Axios)

Buoyed by the release of the iPhone X, Apple reported record quarterly revenue and per-share earnings, but its outlook for the current quarter was less than some analysts had been forecasting. Plus, iPhone unit sales fell short of expectations, dropping slightly from a year ago.

Why it matters: Apple watchers have been looking for signs on whether the iPhone X would lead to a typical upgrade cycle or to a greater-than-usual "super cycle."