So Apple posted their 1st quarter numbers today.  58% growth in net income (to 1.58 billion), and sales by 35% (to $9.61 billion).  They sold a record 2.32 million Macs (a growth of 47%–to $3.55 billion) and 2.3 million iPhones.

Sounds like a great quarter, right?   So what happened?

The stock price dropped by about $15 / 10% (at one point today it had dropped almost $30/20%) down to  $137 a share.

Why?  Because Apple is predicting that profit this quarter will rise to 94 cents a share, but some analysts on the street were predicting that Apple would predict $1.09 per share of profit for the next quarter.

Doesn’t make a whole lot of sense, does it?

Most analysts though still give Apple an Outperform/Buy/Above Average rating, and a stock price targets of $165 on the conservative side up to $225 or higher.

What does this mean for you?  This is a great opportunity to buy!  It will probably be back up 50% or more by the end of Apple’s fiscal Q2.

It is also a good time to buy other tech stocks, as many others have also taken a sharp hit today including Google (-5%).