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Jim Cramer slices into Apple earnings, dings

"Sure, the company gave guidance that seemed lighter than expected, but that's just Apple's style."

So said Jim Cramer after sifting through the latest earnings from Apple.

Although the tech giant beat estimates, shares slipped in extended trade as investors worried that some metrics may, in fact, be a little disappointing.

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"Everyone is keying on iPhone sales that some might not regard as up to snuff," Cramer noted.

Specifically, Apple said it sold 35.2 million iPhones in the quarter ended June 28, up 12.7 percent from the 31.2 million units in the year-ago period. The latest figure was just shy of analysts' projections for sales of 35.9 million iPhones.

Skeptics were also spooked by Apple's forecast; Apple is forecasting a wide revenue range of $37 billion to $40 billion, below analysts' consensus projections of $40.44 billion.

Again, Cramer isn't worried. He says that Apple has a history in which it underpromises and then overdelivers.

In fact, Cramer thinks anyone doubting CEO Tim Cook is missing the proverbial forest for the Apple trees. Broadly, the company is executing extremely well.

"Mac sales are in growth mode, the App store is accelerating and sales in China and other emerging markets are fantastic," Cramer noted.

And Cramer believes the strength is reflected in the numbers.

Apple said profit in its fiscal third quarter was $7.75 billion, up 12.3 percent from $6.9 billion in the year-ago period. Apple's earnings per share rose to $1.28 from $1.07, adjusted for the company's recent 7-for-1 stock split and lifted by the company's stock repurchase program, which decreased the pool of total shares compared with a year earlier.

Revenue increased 6 percent to $37.43 billion from $35.32 billion in the same period a year earlier.

Analysts, on average, estimated that Apple would post earnings of $7.49 billion, or $1.23 per share, on revenue of $37.99 billion, according to Thomson Reuters.

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Going forward, Cramer sees significant opportunity as well. "There's the new iPhone coming out, and, of course, the huge IBM deal."

All told, in the wake of the quarter, Cramer is a buyer.

"Apple's operating at an amazing level and I think that will continue right on into 2015. I'd just own it for the long-term."

Reuters contributed to this report

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