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Apple posts a £5.7bn profit but disappoints analysts

Falls short of Wall Street expectations
Wed Jul 25 2012, 10:13
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MAKER OF SHINY TOYS Apple posted a fiscal third quarter net profit of $8.8bn (£5.7bn) yesterday, but fell short of analysts' expectations.

The consumer technology giant posted $35bn in quarterly revenue, compared to $28.6bn in the same period last year, and saw a 21 per cent rise in profits, but this still fell short of analysts' expectations. Wall Street analysts had expected Apple to post revenues of $37.22bn, and expected the company to sell more Iphones.

The firm's next quarterly figures are likely to disappoint Wall Street too, as Apple offered a low guidance of $34bn in revenue. This suggests that Apple doesn't have a new product launch in the pipeline for the next three months, which means we're unlikely to see the Iphone 5 any time soon.

Apple's CFO Peter Oppenheimer said, "Looking ahead to the fourth fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $7.65."

Still, Apple is no doubt chuffed with its results, as it shifted a record 17 million Ipads in the three month period, up 84 per cent year on year, and 26 million Iphone devices. Mac sales remained fairly steady at 4 million, although Ipod sales saw a 10 per cent decline from the year-ago quarter.

"We're thrilled with record sales of 17 million Ipads in the June quarter," said Tim Cook, Apple's CEO. "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."

During its earnings call, Apple also announced that Mac OS X 10.8 Mountain Lion will be available to download from the Mac App Store today priced at just £13.99. µ


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