Apple Q3 results fall below expectations despite selling 17 million iPads

Apple has just announced their financial results for Q3 ended June 30, posting a quarterly revenue of $35 billion and a quarterly net profit of $8.8 billion. Comparing it to a revenue of $28.6 billion and net profit of $7.3 billion in the year-ago quarter, it must be said that international sales make up a whopping 62% of the latest quarter’s revenue. Sounds like impressive figures are being bandied around here, but this is Apple we are talking about here, and those figures translate to an earnings miss which has sent Apple’s stock to drop by over 5% initially.

That would mean your average Apple share would be down by over $30, despite selling 26 million iPhones and 17 million iPads worldwide. After all, Wall Street analysts were hoping to see Apple hit $10.37 per share, but Apple’s best efforts came up short, hitting a mere $9.32 per share.

Tim Cook, Apple’s CEO, mentioned, “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 this Fall. We are also really looking forward to the amazing new products we’ve got in the pipeline.” Hopefully Apple will be able to meet the analysts demands the next time around, no? [Press Release]

Edwin Kee
Categories: Audio
Tags: Apple Inc