Goldman Sachs released a research report stating that Apple (AAPL.US) outperformed the bank and market expectations in earnings per share for the fourth quarter, mainly due to revenue and gross profit exceeding expectations, with iPhone sales revenue surpassing expectations, offsetting the underperformance of service business revenue and other product revenue.

Goldman Sachs further stated that Apple's expense management was strong, expenses were in line with the bank's expectations, and exceeded market forecasts. Shareholder returns also met expectations. The bank set a target price of $275 for the group and rated it as a 'buy'.