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Apple Q3 net up 21%, lower than expected

Last Updated: Wednesday, July 25, 2012 - 19:26

New York: Technology giant Apple Inc has posted a 21 percent growth in net profit at USD 8.82 billion in the three months ended June 30, 2012 driven by sales of iPhones and iPads.

The company had posted a net income of USD 7.3 billion in the April-June quarter of 2011.

However, the company's net profit sharply declined on a quarter-on quarter basis, sending the shares lower as much as six percent in post-trading on Nasdaq yesterday.

In the three months to March, Apple's net profit stood at USD 11.62 billion.

Apple's revenue rose to USD 35 billion in the quarter under review, an increase of 22.3 percent from USD 28.6 billion that it reported in the same quarter last year.

Although, revenues also fell on quarter-on quarter basis, as it was USD 39.2 billion in the three months period ended in March, 2012.

Going by media reports, Apple's quarterly revenue and earnings fell short of Wall Street's expectations as market analysts were projecting a net income of nearly USD 11 billion and a revenue of USD 37 billion.

In the quarter ended June 30, Apple sold 26 million iPhone units, up 28 percent from a year earlier. It sold 17 million iPads during the quarter, a 84 percent increase over the year-ago quarter.

In addition, Apple's sales Mac computers grew by 2 percent to 4 million, while sales of iPods declined 10 percent to 6.8 million.

"We are thrilled with record sales of 17 million iPads in the June quarter," Apple CEO Tim Cook said.

"We have 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 have got in the pipeline," he added.

The company also announced that it will pay a dividend of USD 2.65 per share to its stockholders.

"We are continuing to invest in the growth of our business and are pleased to be declaring a dividend of USD 2.65 per share today," Apple CFO Peter Oppenheimer said.

Looking ahead to the fourth fiscal quarter, Apple expect revenue of about USD 34 billion and diluted earnings per share of about USD 7.65.


First Published: Wednesday, July 25, 2012 - 10:12
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