Apple's stock took a beating Thursday morning after the tech giant reported disappointing earnings Wednesday.
(Read More: Apple's Revenue Falls Short, Shares Dive )
That followed a drop of more than 10 percent after it posted its earnings Wednesday. Its shares have fallen more than 30 percent since the all-time high of $702.10 in September, causing many analysts—some former bulls—to become bearish on the stock.
(Read More: Apple Should Not Be Trading at This Multiple: Cramer )
DoubleLine CEO Jeff Gundlach went as far as calling Apple a "broken company."
(Read More: Apple 'A Broken Company': Gundlach )
Shares of Apple's suppliers also got slammed on news of the tech giants earnings. However, some strategists said this was a buying opportunity for the stocks.
(Read More: Apple Suppliers Slammed, but Experts Say Buy )
(Watch Video: Is Apple Hurting Without Steve Jobs )
Despite Apple's revenue miss though, the company still had an outstanding quarter in terms of record setting.
(Read More: Apple Earnings Hit Could Whack Tech )
The company sold a record 47.8 million iPhones and 22.9 million iPads.
(Read More: Rumors of Apple's Demise May Be Greatly Exaggerated )
(Watch Video: Cisco CEO: Apple Will Be Fine in the Long Run)
During the earnings call, Apple's CFO Peter Oppenheimer, also shared some interesting information that signals a change in the way Apple reports its outlook.
(Read More: Greenberg: Apple Stops Playing Games )
Apple, which is known for giving conservative earnings estimates, will now report estimates that will more accurately reflect the range in which the company believes its earnings will fall.
"Going forward, we plan to provide a range of guidance that reflects our belief of what we are likely to achieve. While we cannot forecast with complete accuracy, we believe we are likely to report within the range of guidance we provide," he said.
Apple gave a softer than expected revenue estimate of $41 billion to $43 billion for its current quarter. Analysts had expected an estimate of $45 billion.
One of Apple's biggest competitors, Microsoft, will report its earnings for the holiday quarter after the bell Thursday.
(Watch Video: Will Microsoft Distract From Apple? )
"Sure, the company gave light guidance, but that’s just Apple’s style,” Cramer said.
Technology firms led market gains as the S&P Tech sector and the Nasdaq 100 both reached 14-year highs.
Even with Facebook capturing headlines in 2014 for its massive acquisitions of WhatsApp and Oculus VR, the success of Wednesday's earnings report will hinge on its ad business.
This is a link to a re/code story.
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