Apple’s earnings for the last quarter of its fiscal year are out, and the company has disappointed Wall Street once again by doing better than most analysts predicted.

The consensus estimate for Apple’s earnings was around $36.7 billion, and Apple earned $37.5 billion. But the company’s stock is down about 3.75% in after-hours trading.

Part of that reaction may have to do with Apple’s guidance for its current quarter. The company is forecasting gross margins of 36.5% to 37.5%, which would continue that metric’s steady fall. Apple’s overall profit in the fourth quarter, which it reported today, slipped to $7.5 billion, from $8.2 billion a year prior.

Apple’s revenues were helped by the sale of 33.8 million iPhones, beating expectations of about 31 million.