Technology
tycoon Apple had low expectations for the third quarter which they met, on July
25th.
The SEC filings released stated that Apples’ profits increased 21%
to $8.8 billion or $9.32 a share in the third quarter of 2012, with revenue of
$35 billion. An increase from the $28.57 billion revenue and net profit of $7.3 billion recorded for the
same time period, last year.
Even with this 22% increase
in revenue, it’s still less than analysts’ expectations.
The net income increased by 20% from the previous years’ 3rd
quarter income of $7.3billion to $8.8
billion,according to the SEC.
When falling short in other aspects Apple was able to sell a
record amount of iPads, an astonishing 17 million units sold, shattering the
previous record of 15.43 billion. Revenue jumped from $6 billion in 2011’s
third quarter to 9.1 billion this year.
"We're thrilled with record sales of 17
million iPads in the June quarter," said Tim Cook, Apple's CEO in the
press release. "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."
On the bright side, the company sold 26.0 million
iPhones in the quarter, which was the biggest revenue contributor and
represented a 28% unit growth over the year-ago quarter. With this increase,
the numbers still fell short of Wall streets’ projected 29 million.
Apple reasoned that this was due to struggling
economies in places like Europe, Australia and even North America. This trend
was also seen in China, which the CEO attributes to a seasonal lag after the
launch of the company’s latest phone, the iPhone 4S.
Mac computers also fell victim to this, as the
sale of desktops fell 18%,in revenue, and laptops increased just 3%, with both
product lines falling below the conjunctive estimate of $4.1billion in sales.
The world’s most popular music player, otherwise
known as the iPod, also saw a decrease in sales by nearly 10%,falling from $1.3
billion to just $1 billion
After this supposed forgettable quarter, the company looks ahead
to a bright future in the 4th quarter and beyond, hoping to improve
revenue and profit.
"We're continuing to invest in the growth of
our business and are pleased to be declaring a dividend of $2.65 per share
today," stated Peter Oppenheimer, the CFO of Apple. "Looking ahead to
the fourth fiscal quarter, we expect revenue of about $34 billion and diluted
earnings per share of about $7.65."
