Apple’s growth sags in latest quarter, missing lofty forecasts

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In this Thursday, July 19, 2012, photo, an Apple worker, left, gives a tutorial on Apple iPad to customers at an Apple store in Palo Alto, Calif. Apple Inc. reports quarterly financial results after the market closes on Tuesday, July 24. (AP Photo/Paul Sakuma)

NEW YORK, N.Y. – Apple says its growth slowed in the most recent quarter, disappointing investors who thought its progress was unstoppable.

In both revenue and net income, Apple Inc. posted the smallest increases in years for the April to June period, failing to meet analyst expectations.

Net income in the fiscal third quarter was US$8.8 billion, or $9.32 per share. That was up 21 per cent from $7.3 billion, or $7.79 per share, a year ago.

Analysts polled by FactSet were expecting earnings of $10.37 per share.

Revenue was $35 billion, up 23 per cent. Analysts were expecting $37.5 billion.

Apple sold 26 million iPhones in the quarter, at the low end of expectations. It sold 17 million iPads, beating forecasts.

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Abbey Westbury

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