Gross margin took a hit on high metal and diamond costs, but the company delivered solid guidance, helping the stock rally in early trading.

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Deripaska is also dealing with margin calls at his mining company, Rusal, as metal prices plunge.

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In fact, Apple's net margin of 3.9% is more comparable to metal-benders like General Motors (4% last quarter) than to the computer industry.

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The company noted pressures from precious metal and diamond costs, as gold prices have remained elevated, and a shift to higher-priced, lower margin products in their revenue mix.

FORBES: Tiffany's Grows On China's Love For Gold As U.S. Demand For Luxury Stagnates