Apple results below forecast despite rise in revenues and profits

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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.”

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