The Company sold 31.2 million iPhones, a record for the June quarter, compared to 26 million in the year-ago quarter. Peter Oppenheimer stated that that the iPhone 5 is the bestselling iPhone model ever and was the bestselling smartphone in North America, Japan, Western Europe, Russia, Singapore and more. That's based on Apple's premium iPhone and not on volume-sales of junky phones that Samsung floods the market with.

In the conference called we learned that Apple's iPhone sales in India were up 400% in the quarter which is contrary to some recent rumors of sales falling. Secondly, the headlines about Russian carriers dropping the iPhone weren't accurate. CEO Tim Cook clarified that the reality on the ground in Russia is that 80% of smartphones are sold through retailers and not carriers.

Gene Munster was pushing Tim Cook on new products but Cook didn't bite. Cook acknowledged that the iPhone 4 with iOS 6 is right for first time buyers and added that "we may have more than one tool in our toolbox;" a positive signal that an "iPhone lite" type of product could be another tool for Apple's future iPhone toolbox.

On several occasions during the conference call, analysts were presuming that the rumors of the higher end or premium smartphone market was coming to an end but Cook would have nothing to do with that line of thinking whatsoever.

As for the Bloomberg report about Apple initiating an aggressive trade-in program, Cook stated that that was just a rumor. Yet on that point when pushed, it sounded like Apple could be open to the idea to some point.

Apple's weak point in the quarter was no doubt the iPad. Apple also sold 14.6 million iPads during the quarter, compared to 17 million in the year-ago quarter. The Company sold 3.8 million Macs, compared to 4 million in the year-ago quarter.

The lower iPad numbers came in as predicted correctly by KGI who claimed Apple would sell between 14 and 15 million, which came in right on the nose.

As a tid-bit, Peter Oppenheimer stated that Apple opened 6 new stores in this quarter and would be opening another 9 in the next quarter. While no locations were mentioned specifically, we can safely assume that one or more will be China, as Cook reiterated that Apple was going to be opening many more stores in that region over the next two years. That's in-line with statements made in January on that point.

Apple is providing the following guidance for its fiscal 2013 fourth quarter:

• revenue between $34 billion and $37 billion
• gross margin between 36 percent and 37 percent
• operating expenses between $3.9 billion and $3.95 billion
• other income/(expense) of $200 million
• tax rate of 26.5%

One of the last comments that Tim Cook made during the conference call was that iOS for the Car is a key focus at Apple.

Apple's stock was up $15.00/share or roughly 3.5% after hours.

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