Apple misses Wall Street 4Q expectations
Apple missed Wall Street earnings expectations for the second straight quarter, as iPad sales fell short of analyst forecasts.
The slowdown in the growth of iPad sales was not unexpected, as the rumour mill correctly predicted that Apple would launch a smaller, cheaper iPad. It announced that device, the iPad Mini, on Tuesday.
Net income in the fiscal fourth quarter was US$8.2 billion, or $8.67 per share. That was up 24 per cent from US$6.6 billion, or US$7.05 per share, a year ago.
Analysts polled by FactSet were expecting earnings of US$8.84 per share.
Revenue was US$36 billion, up 27 per cent from a year ago. Analysts were expecting US$35.8 billion.
Apple sold 26.9 million iPhones in the quarter, at the high end of expectations, and 14 million iPads.