Apple earnings results: iPhone makers' results sag
People walk past large Apple sign at the Yerba Buena Center for the Arts in preparation for the unveiling of the new iPad on March 6, 2012 in San Francisco, California. (Photo by Kevork Djansezian/Getty Images)
Copyright 2012 Scripps Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Posted: 07/24/2012
NEW YORK - Apple says its growth slowed in the most recent quarter, disappointing investors who thought its progress was unstoppable.
In both revenue and net income, Apple Inc. posted the smallest increases in years for the April to June period, failing to meet analyst expectations.
Net income in the fiscal third quarter was $8.8 billion, or $9.32 per share. That was up 21 percent from $7.3 billion, or $7.79 per share, a year ago.
Analysts polled by FactSet were expecting earnings of $10.37 per share.
Revenue was $35 billion, up 23 percent. Analysts were expecting $37.5 billion.
Apple sold 26 million iPhones in the quarter, at the low end of expectations. It sold 17 million iPads, beating forecasts.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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