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Analysts were all totally bullish - http://www.washingtonpost.com/business/technology/apple-shar... and http://appleinsider.com/articles/14/01/27/earnings-preview-w... and any result older than the last hour for 'Apple earnings' on Google.

The iPhone numbers missed expectation, and as Apple's main product it didn't look good. http://www.businessinsider.com/apple-q1-earnings-2014-1

EPS, Mac and iPad all did well.

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I agree with Gruber that the "missed expectations" expression is misleading.

Analysts' expectations were not in line with reality. The iPhone numbers are what they are, irrespective of incompetent analysis.

A fairer way to state this would be that analysts, as usual, were over-optimistic and this optimism caused a lot of investors to be overly optimistic too, which caused an over-inflated share price, now corrected.

How in the world anyone should rely on analysts’ expectations? These analysts were just guessing and almost all of them were guessing wrong in the past. It is akin to predicting to the scores for NFL Football game.

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