Apple results disappoint analysts despite profit growth

Apple results disappoint analysts despite profit growth

Apple's latest results have disappointed analysts, despite the manufacturer reporting a 21% surge in profits to $8.8bn and sales up 23% to $35bn.

Customers appeared to be holding off on buying iPhones ahead of an expected new product launch later this year. For its third quarter to 30 June, sales of the smartphone increased 28% to 26 million, compared to a sharp increase in iPad sales, from 9.2 million to 17 million.

Speaking to analysts after the results were posted, Apple CFO Peter Oppenheimer said rumours of new devices were hitting iPhone sales.

Europe contributed to what was widely seen as a disappointing quarter for the company. Apple CEO Tim Cook said the UK was 'relatively solid' but described France, Greece and Italy as 'pretty poor'. European sales fell 6.4% to $8.8bn compared to its previous quarter. Asia Pacific sales were down 22% on its last quarter to $6.3bn.

Looking ahead, the manufacturer predicted fourth quarter sales of $34bn. Cook said: 'We are really looking forward to the amazing new products we’ve got in the pipeline.'

Editor: Graeme Neill

Written by Mobile Today
Mobile Today


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