Apple posts Q3 results – $35 billion revenue, soft demand for iPhones, iPads still selling like hotcakes


Apple’s 3rd quarter results are out, and while the company has unsurprisingly posted a strong, $35 billion revenue, some analysts are saying that this Q3 is a rare misstep for the hardware giant. Street expectations for Apple’s Q3 revenue was around $37.1 billion, which was not the case this time around. As a result, Apple’s stock came down 5% in after hours trading, and is currently at $567.80 a share. The missed earnings target was attributed to soft demand for the company’s iPhone, as users are now bracing for the announcement of the newest iteration of the device, rumored to come out later this year. Apple’s iPad sales are still going strong though, and Tim Cook has announced that the company has sold 17 million iPads this quarter – an 84 percent unit increase over the year-ago quarter.

“We’re thrilled with record sales of 17 million iPads in the June quarter,” said Tim Cook, Apple’s CEO. “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.”

Source: Apple