The much-awaited Apple Inc. (AAPL – Free Report) fiscal Q4 earnings results have hit the tape a half hour after the end of regular-day trading, with headline beats for both earnings and sales: $2.91 per share was both above the $2.79 expected and 40% higher than the year-ago quarter, and revenues of $62.9 billion topped the $61.5 billion Zacks consensus estimate. However, shares are selling off 3.7% in late trading as analyst peek under the hood:

iPhone sales in the quarter totaled 46.9 million, which was down a bit from expectations of 47.5 million. Yet the Average Selling Price for the iPhone was better than anticipated at $793. Gross Margins for the quarter reached 38.3% and growth in the all-important Chinese market rose 16%, both of which were relatively in-line with estimates. Services grew 17% to $10 billion, minus a one-time adjustment the company reports would have sent this segment up 27% in the quarter.

Guidance of $89-93 billion for its Q1 holiday season, with expected gross margins between 38-38.5%, seems to have not impressed late-traders, however, considering the sell-off. But after hitting all-time highs a month ago, giving the company the first ever trillion-dollar market cap, and up 32% on the year means anything less than a blowout performance — or at least blowout guidance for Q1 (which Apple never provides) — will bring out the knives. Depending on where the stock enters Friday morning trading, the Zacks Rank #3 (Hold) stock may pose a buying opportunity.

Starbucks (SBUX – Free Report) impressed investors this afternoon with solid beats on both top and bottom lines in its fiscal Q4 report: 62 cents per share outpaced the Zacks consensus by 3 cents, on revenues of $6.30 billion that surpassed expectations of $6.2 billion in the quarter. Same-store sales were particularly strong, +3% globally, with 4% gains in U.S. comps and +1% in China, Asia Pacific. These comps numbers were all better than expected, and shares are up strongly in late trading, +7.3% at this hour. For more on SBUX’s earnings, click here.