Apple posts profit of $9 billion, but misses analyst estimates

Posted By | On 25th, Jul. 2012 Under News | Follow This Author @KartikMdgl

It’s kind of weird when a company makes massive profits and still manages to slip below analyst estimates. That’s exactly what happened when Apple reported profits of $8.8 billion on a revenue of 35 billion, which is about $9.32 per share. The original estimate was about $10.37 per share, which caused a drop in stock prices.

iPhone sales also fell to 26 million from 35 million last quarter, maybe due to people expecting the new phone or good competition from Samsung and the likes. The former is still very likely, though.

Tim Cook, CEO of Apple, was very pleased with this quarter’s results: “We’re thrilled with record sales of 17 million iPads in the June quarter. We’ve also just updated the entire MacBook line, will release Mountain Lion tomorrow and will be launching iOS 6 this fall. We are also really looking forward to the amazing new products we’ve got in the pipeline.”

iPad sales were on fire with 44% increase over last quarter with the new iPad doing really well when it comes to consumer attention.

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