Apple misses Wall Street 4Q expectations on slowing growth in iPad sales ahead of Mini launch
NEW YORK, N.Y. – 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 rumour 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 per cent 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 per cent 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.
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