The earnings reported by Apple were not as bad as many were anticipating and neither was its fiscal 2013's fourth quarter guidance. As the year becomes older, Apple's renaissance was expected to begin.

The chief financial officer of Apple, Peter Oppenheimer, stated that the tech titan would ramp up its refreshes within this year. "We're on track to have a very busy fall," he added.

Consumers expected an iPhone refresh on September but Oppnehimer's statement hinted that it would be on October.  Apple anticipated sales that ranged between US$34 billion to US$37 billion. This included gross margins around 36% to 37% for the fourth quartile.

A low-end iPhone, iPhone 5S, new iPad and iPad mini lineup were expected to boost the sales for the Cupertino-headquartered company. The growth in revenue was something that stockholders were desperate to see.

"From a growth point of view for Apple our key catalysts will be, always will be new products and new services and these are above in existing categories that we're in and in new categories," Apple's CEO, Tim Cook, stated through a phone interview.