Apple Q4 earnings rise 24 per cent, but fall short of expectations
26 Oct 2012
Apple Inc has regained momentum in its fourth quarter, clocking higher iPhone sales than expected while concerns about the iPad mounted.
Though Apple's fourth-quarter earnings rose 24 per cent, results fell short of expectations as slowing iPhone sales and lower-than-expected iPad shipments clouded outlook.
The results, though increased pressure on the iPhone maker for the current holiday quarter. The company, in the process of gearing up to market a new set of products is struggling with increasing iPhone production.
According to Apple, iPhone sales jumped 58 per cent to 26.9 million from the year-earlier period exceeding analysts' predictions of between 24 million and 26 million.
The quarter, which ended 29 September included around a week of Apple's new iPhone 5 sales. The company sold 14 million iPads, up 26 per cent from last year but below many estimates.
Overall, the revenue at the company was up 27 per cent in the quarter ending in September, while profit was up 24 per cent.