NEW YORK — Apple missed Wall Street earnings expectations for the second straight quarter, as iPad sales fell short of analyst forecasts.
The slowdown in the growth of iPad sales was not unexpected, as the rumor mill correctly predicted that Apple would launch a smaller, cheaper iPad. It announced that device, the iPad Mini, on Tuesday.
Net income in the fiscal fourth quarter was $8.2 billion, or $8.67 per share. That was up 24 percent from $6.6 billion, or $7.05 per share, a year ago.
Analysts polled by FactSet were expecting earnings of $8.84 per share.
Revenue was $36 billion, up 27 percent from a year ago. Analysts were expecting $35.8 billion.
Apple sold 26.9 million iPhones in the quarter, at the high end of expectations, and 14 million iPads.
related articles »
NEW YORK — Apple says its growth slowed in the most recent quarter, disappointing investors who thought its progress was ...
UPS expects the global economy to get worse before it gets better. Again.
MINNEAPOLIS (AP) — Best Buy Co. said it plans to close 50 U.S. big box stores and open 100 small ...
NEW YORK — Apple is finally acknowledging that it has more money than it needs. But don’t expect it to ...
