Apple announced their 2012 Q3 earnings today after the close. They exceeded their guidance, but only slightly, and nowhere near their usual margin. Wall Street was expecting much better, and the stock was punished with a 5% decrease in after hours trading.

There's much to say about this quarter. As disappointed as Wall Street was with the numbers, if you listen to the earnings call, you get the sense that Apple CFO Peter Oppenheimer and CEO Tim Cook were more disappointed.

There's much to say about what the numbers mean in a larger context, and I'll be devoting an extended post to my thoughts this weekend.