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Wednesday, 19 October 2011 09:10

Apple announces record revenues, profits

Written by



But some figures fall short of expectations


Apple delivered its quarterly earnings report Tuesday afternoon and revenue was below analysts’ expectations on lackluster iPhone sales.

It’s a rather awkward situation, since sales were driven down by the anticipation of the new iPhone, so basically the outfit ended up competing with itself and losing sales thanks to the iPhone 5/4S hype over the past couple of months.

Still, the figures were quite strong. Apple earned $28.3 billion in its fourth fiscal quarter and posted a profit of $6.6 billion, or $7.05 per share. Revenue jumped 39 percent year-on year and profit was up 54 percent. Analysts had hoped for upwards of $29 billion in revenue and Bloomberg claims this is the first time Apple missed expectations in 32 quarters.

Most punters attribute the weaker than expected results to iPhone sales. Apple sold 17 million units in the last quarter, but most analysts were hoping for 20. However, the figures don’t include the new iPhone 4S and sales are expected to bounce back in the current quarter.

The market didn’t take the news well and Apple shares shed more than 6 percent in after-hours trading on Tuesday.

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