Apple’s profit and sales fell short of analysts’ projections
for only the second time since 2003 as customers held off on iPhone purchases
while waiting for a new model to be introduced later in the year, Bloomberg finest report.
Net income climbed 21 percent to $8.82 billion, or $9.32 a
share, in the period that ended June 30, Cupertino, California- based Apple
said today in a statement. Sales rose 23 percent to $35 billion. Analysts had
predicted profit of $10.37 a share on revenue of $37.2 billion, the average of
estimates compiled by Bloomberg. Shares fell 6 percent in late trading.
While Apple outgrew its closest technology-industry peers,
the company’s sales climbed at the slowest pace since mid-2009….As Chief
Executive Officer Tim Cook prepares to overhaul the iPhone, the 26 percent drop
in purchases from the second quarter shows how anticipation for the latest
model can drag growth in the near term. The iPhone is Apple’s biggest seller...
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