Never mind Apple's latest results. Whether the shares make a good stocking stuffer depends on how many iPhones and iPads sell during the Christmas season -- and whether Apple can strike new distribution deals in the new year.

The September quarter was fine. Apple sold 26.9 million iPhones, a bit more than analysts had expected. But the iPhone 5 was released toward the end of September. So most of the pent-up demand for the new device will hit the December quarter, when analysts expect Apple will sell around 50 million iPhones.

It is a similar story for Apple's next most important product, the iPad. Apple sold 14 million tablets, which was a few million short of expectations.

But part of the problem was likely that some buyers put off purchases in anticipation of the release of the iPad Mini, which won't be available until early November.

One sign of strong sales, at least for iPhones, is that Apple is still complaining of constrained supply more than a month after its newest phone went on sale.

But even as the December quarter is so important for Apple, it may be harder than usual for investors to predict. The quarter is one week shorter -- at 13 weeks -- compared with the December quarter a year ago.

Also, last year, the iPhone 4S rolled out in October, meaning none of the pent up demand for that device was absorbed in the prior quarter -- unlike the iPhone 5.

Last, Apple's margins may be depressed this quarter considering it is rolling out so many new products. Profits should be maximized as the company gains efficiencies when production ramps up.

China should help. Sales in that country were 15% of Apple's total in the fiscal year ended September. But with the company likely to sign a deal with China Mobile, the world's largest carrier, to officially sell the iPhone, it could be a fruitful new year.