Live Blog: Apple Earnings Call Cheat Sheet

5:43 pm: Oppenheimer: For gross margin in December quarter, we were about 260 basis points ahead of our guidance and about half this difference was driven by lower product & transitory costs. We also saw a higher mix of iPhones, weaker dollar, higher leverage on revenue. we expect gross margins to be about 110 basis points lower sequentially.

5:40 pm: Oppenheimer: With the iPad mini, it’s hard to know. We could not make enough in the quarter, we were constrained every week. Customers love the mini, we wish we could have made more.

5:38 pm: Cook: In terms of Maps, we’ve made a number of improvements to Maps since the introduction of iOS 6 in september and we’ll roll out more improvements across the rest of the year.

5:37 pm: Shares down 9.64 percent at $464.44.

5:32 pm: [About guidance changes] Oppenheimer: In the past, we provided a single point estimate of guidance that was conservative and we have reasonable confidence in achieving. This quarter and forward, we’re going to provide a range of guidance that we believe we’re likely to report.