Apple (NASDAQ: AAPL) said Q1 2013 revenues were $54.5 billion and net income was $13.1 billion -- or $13.81 per diluted share. CEO Tim Cook is all smiles. But are shareholders? Before you answer let's pose this question: How did earnings, iPhone and iPad sales compare to Wall Street's expectations? The VAR Guy has the scorecard. Here it is.

Revenues: $54.5 billion. Wall Street was expecting "just under $55 billion" so this is in line with expectations.

Net Income: $13.81 per diluted share, above the $13.45 per share that Wall Street was expecting.

iPhone Sales: 47.8 million, below the 50 million units Wall Street was hoping for.

iPad Sales: 22.9 million, nearly in line with the 23 million units that Wall Street was expecting.

Note: The VAR Guy lifted Wall Street's expectations from this Forbes article.

Bottom Line: Apple is now vulnerable on multiple fronts. Despite incredible revenue growth and astronomical profits, Apple often can't keep up with Wall Street's expectations. It's time for Apple to do a reset on Wall Street.

Or is it too late? Google Android devices seem to be everywhere. And yes, The VAR Guy is betting Microsoft Surface Pro tablets running Windows 8 Pro will catch on in some market segments -- further pressuring Apple over the long haul.