Apple (AAPL) had a great quarter, but its guidance wasn't what Wall Street was looking for:

Apple blew past Wall Street's bullish expectations in the first quarter with a 57 percent jump in profit, but a dramatically lower forecast sent shares falling amid fears about slowing consumer spending on electronics.

The Cupertino, Calif.-based company's report, released after the market closed Tuesday, reinforced investors' worries that even a hot company like Apple isn't immune from fears of a recession.

The company forecast profit in the second fiscal quarter of 94 cents per share, far short of the $1.09 per share that analysts were expecting. Revenue is also expected to be lower, coming in around $6.8 billion, compared with the $6.99 billion forecast by analysts.

Apple always issue cautious guidance and then posts huge surprises. Their Mac sales are simply unbelievable. iPods sales are slowing a bit, but are still firm. This stock is mostly about Mac sales and Apple will continue to capture more market share in the computer world. By the way, the new Leopard operating system is also hot.