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Anticipated iPhone 5 release blamed for lower-than-expected Apple results

Apple revenues up 22.5 per cent to $35 billion for three months ending in June – but don’t meet expectations

Image: Daniel Law/PA Wire/Press Association Images

DESPITE ANNOUNCING INCREASED revenues of 22.5 per cent for the three months ending 30 June, Apple’s latest results were lower than previously expected.

The company reported third quarter revenues of $35 billion – lower than the expected $37 billion – and a quarterly net profit of $8.8 billion (up 20.5 per cent on last year). In Q3 2011, Apple reported revenues of $28.6 billion and $7.3 billion in net profit.

Apple suggested that the lower-than-expected results were caused by customers delaying purchases of new iPhones ahead of the expected released later this year of the iPhone 5. CEO Tim Cook said that the company was “thrilled” to hit a new record for iPad sales, having sold 17 million tablets.

Apple also sold 26 million iPhones in the third quarter (up 28 per cent on Q3 2011), 4 million Macs (up 2 per cent) and 6.8 million iPods (down 10 per cent).

“We’ve also just updated the entire MacBook line, will release Mountain Lion tomorrow and will be launching iOS 6 this Fall,” Cook said in a company statement. “We are also really looking forward to the amazing new products we’ve got in the pipeline.”

Meanwhile, Apple chief financial officer Peter Oppenheimer said that the company is continuing to invest in the growth of its 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,” he added.

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