Apple's iPhone Sales Fall, Dragging Down Results

Mashable
Apple's iPhone Sales Fall, Dragging Down Results
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Apple's iPhone sales fell dragging down expected revenues, but the company posted strong iPad sales in its fiscal third quarter.

Apple sold 26 million iPhones and 17 million iPads vs. 35.1 million and 11.8 million, respectively, in the second quarter. The consensus among analysts was that Apple would sell 29 million iPhones and 16 million iPads.

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Earnings for the quarter were $9.23 per share on revenues of $35 billion. Analysts polled by Thomson Reuters had expected earnings of $10.22 on revenues of $38 billion. Apple had provided guidance of $34 billion and earnings per diluted share of $8.68. This is the third consecutive quarter that Apple has posted sales of more than $30 billion.

Nevertheless, investors don't seem too impressed with the numbers: Apple's stock was down more than 5% in after-hours trading.

Image courtesy of iStockphoto, svariophoto

This story originally published on Mashable here.

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