Apple tumbles 7% after earnings on light guidance

Apple reported earnings for its fiscal fourth quarter Thursday that beat Wall Street estimates on both the top and bottom lines. It also locked in a strategy of boosting prices to offset slowing sales — posting an eye-popping average selling price for the iPhone during the key September quarter.

But shares of Apple fell more than 7 percent — falling below its historic $1 trillion market cap — following the release, after the company missed shipment estimates on iPhones, offered light guidance and announced major changes to its reporting structure.

The company is projecting total revenue for the first quarter in the range of $89 billion to $93 billion, extending just slightly below analyst estimates of $93.02 billion.

Here's how Apple did compared with what Wall Street predicted for the fourth quarter:

Earnings: $2.91 per share vs. $2.78, forecast by Refinitiv consensus estimates

Revenue: $62.9 billion vs. $61.57 billion, forecast by Refinitiv consensus estimates

iPhone sales: 46.89 million vs. 47.5 million, forecast by FactSet and StreetAccount estimates

iPhone average selling price (ASP): $793 vs. $750.78, forecast by FactSet and StreetAccount estimates

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