Apple Sells 17M IPads, But IPhone Numbers Disappoint

[Techtaffy Newsdesk]

Apple posted quarterly revenues of $35 billion and quarterly net profit of $8.8 billion, or $9.32 per diluted share, for its fiscal 2012 third quarter ended June 30, 2012. These results compare to revenue of $28.6 billion and net profit of $7.3 billion, or $7.79 per diluted share, in the year-ago quarter. Gross margin was 42.8 per cent compared to 41.7 per cent in the year-ago quarter. International sales accounted for 62 per cent of the quarter’s revenue. The company is sitting on a $117 billion cash reserve, up $7 billion from the previous quarter.

Apple’s iPhone sales fell 26 per cent from the previous quarter, even though unit growth represented a 28 per cent jump over last year. Apple sold 26 million iPhones in the quarter; thats quite a few phones not sold as per street estimates of around 29 million units. The decline was also steep from the previous quarter, when Apple had sold 35.1 million iPhones. This was one of those rare times when Apple managed to miss analyst estimates.

The company also sold 17 million iPads during the quarter, a whopping 84 per cent unit increase over the year.  Apple sold 4 million Macs, a two per cent unit increase over the year-ago quarter. Apple sold 6.8 million iPods, a 10 per cent unit decline from the year-ago quarter.

Shervin Pishevar (Menlo Ventures): Apple has more cash on its books than combined market values of Hewlett-Packard, Dell, Nokia, Yahoo, Sprint Nextel and Research In Motion.

For the first time since 1995, Apple’s board of directors has declared a cash dividend of $2.65 per share of the company’s common stock. The dividend is payable on August 16, 2012, to stockholders of record as of the close of business on August 13, 2012.

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