0940 GMT - Apple's expectations-beating revenues in the fiscal fourth quarter were clouded by disappointing gross margin guidance, Bernstein analysts write. Quarterly revenue jumped 12% on year to $114.5 billion, 0.9% ahead of consensus, the analysts say. However, guidance for gross margin in the December quarter was lower even than Bernstein's below-consensus estimate, they say. The accelerating cost of memory chips was responsible for the tightening, they say, as Apple depletes its inventories of memory chips bought at lower prices. If Apple sells fewer high-end phones, the gross-margin contraction could be worse than Apple's guide, the analysts add. Apple shares fall 4.65% premarket.
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