Apple Mostly Beats Expectations With Quarterly Results
The tech giant sells a record number of iPhones, but sales of iPads fall short of expectations.
Apple scored more revenue, earnings per share and iPhone unit sales than analysts expected in the most recent quarter, though it fell short on sales of iPads.
Revenue for the fiscal fourth quarter was $37.5 billion, compared to predictions of $36.8 billion; earnings per share were $8.26 compared to expectations of $7.92. In the same quarter a year ago, Apple reported $36 billion in revenue and $8.67 per share in earnings.
The company sold 33.8 million iPhones, about 2.8 million more than expected and a record for the company. In the same quarter last year, Apple sold 26.9 million iPhones.
Apple, though, sold only 14.1 million iPads, about 400,000 fewer than Wall Street analysts had predicted and only 100,000 more than were sold a year ago.
During a conference call with analysts, CEO Tim Cook expressed confidence that the introduction of the thinner and lighter iPad Air scheduled for Friday will spur sales, as will an updated version of the iPad mini later in the year.
"I think it's going to be an iPad Christmas," Cook told analysts on Monday.
Cook also alluded to new products due next year, which observers guess might be a wristwatch and a TV or set-top box.
"We obviously believe we can use our skills to build other great products in areas we do not participate in today," he said.
Net income during the quarter was $7.5 billion, down from $8.2 billion a year earlier, the company reported.
Apple shares were up 1 percent on Monday to $529.88 but were falling 2 percent after the closing bell. The stock is off about 24 percent since hitting $700 per share 13 months ago.
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