Apple Fiscal Q3 Results Fall Short Of Analyst Expectations

Apple fanatics may find it hard to believe that the company could disappoint anybody. But the company’s stock is down about 5% in after-market trading following the release of fiscal Q3 earnings that failed to impress. Apple had net income of $8.8B, +20.7% vs the period last year, on revenues of $35.0B, +22.6%. The Street anticipated revenues of nearly $37.2B. The earnings figure at $9.32 a share also missed analysts’ target of $10.36. If there’s a problem you wouldn’t know it from Apple’s cheery release. The company says it sold 26M iPhones in the quarter, up 28% from the June quarter last year. iPad sales were up 84% to 17M, while Mac sales rose 2% to 4M. But iPod sales declined 10% to 6.8M. CEO Tim Cook says the company is “really looking forward to the amazing new products we’ve got in the pipeline.”

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