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The newly-opened Apple Store in Wangfujing shopping district in Beijing last Saturday. Andy Wong/AP/Press Association Images

Apple raises App Store prices as iPad profits miss targets

Apple CEO Tim Cook said the company remains confident entering the holiday season.

PRICES IN THE Apple App Store have gone up for several European countries as the company’s profits miss targets on iPad sales.

The lowest price of €0.79 for several European countries, including Ireland, has been increased by ten cent and it has been suggested that the company’s raised commission may have contributed to the price hike, MacStories reported.

Apple also sent an email to developers confirming support for new currencies has been added to eight new territories; Russia, Turkey, Inida, Indonesia, Saudi Arabia, South Africa and United Arab Emirates.

The change came is the company released its fourth quarter results yesterday which failed to meet Wall Street forecasts with iPad sales coming in lower than predicted.

Overall profits in Apple were $8.2 billion, up from $6.6 billion last year with revenues up 27 per cent. Some 26.9 million iPhones were sold representing 58 per cent unit growth over the year-ago quarter.

Apple sold 14 million iPads  falling short of analysts predictions of 17 to 18 million, with the slowdown in growth attributed to the prediction that the company would launch the iPad mini. Sales were also hurt by slowing growth in China, after some blockbuster years.

Apple’s sales in China more than doubled in fiscal 2010 and 2011, but in the latest quarter, the Asia-Pacific segment grew just 15 percent, year over year.

Growth in the July-September quarter was also slow in economically troubled Europe. In a statement yesterday Apple CEO Tim Cook said the company was proud of its September quarter results expressed confidence in expected Christmas sales.

“We’re entering this holiday season with the best iPhone, iPad, Mac and iPod products ever, and we remain very confident in our new product pipeline.”

- Additional reporting by Associated Press.

Read: Microsoft launches new tablet in bid to take on Apple’s iPad>
iPad Mini: What’s the point?>

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