If you can't beat the quarter, beat the week. Too bad for Apple, investors aren't buying the shorter calendar.

At first glance, Apple disappointed Wall Street with its fiscal first-quarter results published late Wednesday. This was the first full quarter in which the iPhone 5 was available. In particular, at 47.8 million, the number of iPhones the company sold came in at the low end of analysts' expectations. IPad unit sales of 22.9 million were also short of some forecasts.

As a result, Apple shares dived nearly 10% after the market closed, leaving the company with a market capitalization of about $437 billion. Backing out Apple's cash pile of $137 billion, that implies a valuation of less than eight times 2013 expected earnings.

But were the results really that bad? At 13 weeks, this year's fiscal first quarter was a week shorter than last year's, making comparisons difficult. IPhone unit sales were up 29% in the quarter versus the prior year's 14-week quarter, while iPad sales were up 48%.

Unit sales per day, however, showed bigger jumps: 39% for the iPhone and 60% for iPads. Overall, revenue was up 18%, but on a fairer per-day basis, it jumped 27%.

Meanwhile, despite the shorter quarter, earnings per share of $13.81 were actually better than the consensus estimate of $13.48.

The other good news was that the average sales price of iPhones isn't falling, as some had expected. Verizon Wireless said that, in the December quarter, fewer than half of customers buying iPhones paid for the latest device. The concern is that if more iPhone buyers are opting for cheaper, older models, then revenue and profit would get hit. But the average sales price for iPhones was $642 last quarter, about flat with a year before.

The big test for the iPhone will come if, indeed, Apple releases a lower-end smartphone that is even cheaper than the older models it keeps on the market today. That would give the company a device to sell to lower-value subscribers in emerging markets, potentially grabbing market share back from handsets running Google's GOOG +5.50% market-leading Android mobile operating system. The question is whether the number of additional units Apple might be able to sell would more than offset the impact of some consumers opting not to buy higher-end iPhones.

Apple is already running a similar experiment in tablets, having released the cheaper iPad Mini last quarter. But a change in the way the company reports sales by segment, not to mention the shorter quarter, makes the impact of the new device tough to judge. Units sold per day were up 60% this year from last year. But revenue per day from iPad sales was up just 31%.

Some iPad Minis are clearly being purchased by consumers who wouldn't otherwise spring for a more expensive iPad. But some that might have bought the higher-margin device appear to be opting for the cheaper one.

Clearly, Apple didn't provide the kind of blowout quarter many have grown accustomed to. But the results aren't the total disaster implied by the market meltdown.

ROLFE WINKLER

• wednesday [´wenzdi]   n.星期三   (初中英语单词)
• available [ə´veiləbəl]   a.可用的；有效的   (初中英语单词)
• despite [di´spait]   prep.尽管   (初中英语单词)
• actually [´æktʃuəli]   ad.事实上；实际上   (初中英语单词)
• estimate [´estimət, ´estimeit]   n.估计；评价 vt.估价   (初中英语单词)
• device [di´vais]   n.装置；器具；策略   (初中英语单词)
• running [´rʌniŋ]   a.奔跑的；流动的   (初中英语单词)
• system [´sistəm]   n.系统，体系，制度   (初中英语单词)
• additional [ə´diʃənəl]   a.附加的，额外的   (初中英语单词)
• otherwise [´ʌðəwaiz]   ad.另外 conj.否则   (初中英语单词)
• expensive [ik´spensiv]   a.费钱的，昂贵的   (初中英语单词)
• disaster [di´zɑ:stə]   n.灾难，不幸   (初中英语单词)
• billion [´biljən]   num.万亿   (高中英语单词)
• revenue [´revinju:]   n.税收；收入   (高中英语单词)
• fiscal [´fiskəl]   a.财政的   (英语六级单词)
• valuation [,vælju´eiʃən]   n.估价；价值；重要性   (英语六级单词)
• earnings [´ə:niŋz]   n.收益；报酬；获得   (英语六级单词)
• offset [´ɔ:fset]   n.&vt.抵销；补偿   (英语六级单词)
• impact [´impækt]   n.影响，作用；冲击   (英语六级单词)
• segment [´segmənt]   n.部分；段；弓形   (英语六级单词)