APPLE WHIFFS AS IPHONE COMES IN LIGHT, STOCK TANKS

This Tech Earnings Update is brought to you by Verizon.

Apple's numbers are out!

And they don't look good. As you can see below, Apple missed the expectations of buy-side investors, pretty much across the board.

The thing that should make investors super worried is that iPhone sales were 47.8 million for the quarter. The buy-side was looking for 50 million units.

The stock is off in after-hour trading by 10%.

We are updating this post as we go, so click here for the latest.

Here's how Apple did versus what buy-side investors were looking for (via Piper Jaffray analyst Gene Munster):

• Revenue: $54.5 billion versus $54.58 billion expected

• EPS: $13.81 versus $13.34 expected

• Gross Margin: 38.6% versus 39.5% expected

• iPhone: 47.8 million versus 50 million expected

• iPad: 22.9 million versus 23 million expected

• Mac: 4.1 million versus 5 million expected

• iPod: 12.7 million versus 12 million expected

• March quarter revenue: $42 billion versus $41 billion expected

• March quarter EPS: (We don't see EPS guidance) versus $09.40 expected

• March quarter gross margin: 38% versus 38% expected

In the press release announcing the earnings, CEO Tim Cook said, "We're thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter," adding, "We're very confident in our product pipeline as we continue to focus on innovation and making the best products in the world."

OTHER KEY NUMBERS:

• iPhone ASP: $641.57 (Last quarter it was $636, but that included accessories. It's up, which is good. It shows iPhone 5 is doing well.)

• iPad ASP: $466.93 (Last quarter it was $535, it's off because of the iPad Mini.)

• Cash: $137.1 billion, $94 billion off shore.

HERE ARE KEY DETAILS FROM THE EARNINGS REPORT AND THE EARNINGS CALL IN MORE DEPTH

Tim Cook dodges question about Apple's TV plans with canned response, says sold 2 million Apple TV boxes last quarter >

Apple will change guidance moving forward, says CFO >

Tim Cook attempts to debunk rumor that iPhone supply orders have been cut >

Tim Cook's explanation for why Apple won't make an iPhone with a bigger screen >

Apple discloses China revenues for the first time >

HERE ARE OUR LIVE NOTES FROM THE EARNINGS CALL

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