Strong iPad sales fuel Apple

Comment on this story
IOL pic july25 apple logo earnings Associated Press .

New York - Apple on Tuesday reported that quarterly profit grew to $8.8-billion on hot iPad sales, but the results came up short of lofty expectations.

Apple said that its revenue hit $35-billion in the quarter ended June 30, a figure shy of Wall Street expectations despite nearly doubling iPad sales and selling 28 percent more iPhones than in the same period a year earlier.

With results below analyst forecasts, Apple shares slid 5.4 percent in after-hours trade to $568.45.

“We're thrilled with record sales of 17 million iPads in the June quarter,” Apple chief Tim Cook said in a release.

“We've also just updated the entire MacBook line, will release (the computer operating system) Mountain Lion tomorrow and will be launching (mobile operating system) iOS 6 this fall.”

Cook added that the Cupertino, California-based company has “amazing new products” on the way.

Some analysts believe that the blistering pace of iPhone sales growth faces a temporary cooling as potential buyers wait for the release of a new-generation iPhone, perhaps later this year.

Apple's share of the US smartphone market was expected to inch up a percent to 31 percent this year, while the share for handsets powered by Google-backed Android software was expected to hit 41 percent, according to eMarketer.

Apple used the earnings report to declare a cash dividend of $2.65 per share of common stock. - AFP


sign up
 
 

Comment Guidelines



  1. Please read our comment guidelines.
  2. Login and register, if you haven’ t already.
  3. Write your comment in the block below and click (Post As)
  4. Has a comment offended you? Hover your mouse over the comment and wait until a small triangle appears on the right-hand side. Click triangle () and select "Flag as inappropriate". Our moderators will take action if need be.

  5. Verified email addresses: All users on Independent Media news sites are now required to have a verified email address before being allowed to comment on articles. You are only required to verify your email address once to have full access to commenting on articles. For more information please read our comment guidelines