Apple results below forecast despite rise in revenues and profits


Revenue up 22 per cent in the third quarter with profit growing by 21 per cent, but figures are still below Wall Street expectations

Apple missed Wall Street forecasts despite a 23 per cent rise in revenues and 21 per cent increase in profits for its third quarter ending June 30.

The manufacturer posted revenue of $35 billion, up from $28.6 billion from the same quarter a year ago, and net profit of $8.8 billion, which was an increase from $7.3 billion from Q3 2011.

Apple sold 26 million iPhones in the quarter, which was up 28 per cent from a year ago but down 26 per cent from the previous quarter.

It sold 17 million iPads during the three month period, which was a year-on-year increase of 84 per cent and up 44 per cent from the previous quarter.

However Wall Street had forecasted revenues to be as high as $37.22 billion. iPhone sales were also below forecasts, but iPad sales were ahead.

Apple CEO Tim Cook (pictured) said: “We’re thrilled with record sales of 17 million iPads in the June quarter. We’ve also just updated the entire MacBook line, will release Mountain Lion tomorrow and will be launching iOS 6 in the Fall. We are also looking forward to the amazing new products we’ve got in the pipeline.”

Apple CFO Peter Oppenheimer said: “We’re continuing to invest in growth of our business and are pleased to be declaring a dividend of $2.65 per share today. Looking ahead to the fourth fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $7.65.”