- Despite growth of 21% year-over-year and profit of $8.8 billion, Apple's earnings were a miss.
- iPhone sales appeared to be the culprit, with a slow down in sales due to international economic conditions and anticipation of the launch of the new iPhone in the fall.
- The good news story was the iPad, which sold 17 million devices in Q3 (to iPhone's 26 million). The iPad sales number exceeded estimates, and accounted for $9.17 billion in revenue.
- Overall revenue was $35.08 billion compared with $28.57 from Q3 2011
- At market open, the stock was down $30
- For coverage of Apple's earnings through the Education industry's lens, check out coverage on Education Dive.
From the article:
It looks as if many people are so sure the next iPhone is going to be good that they are not buying the ones Apple is selling now.
A lot of companies would love to have that problem — if it can be called a problem, given that Apple still managed to sell 28 percent more iPhones last quarter than it did a year earlier.
Yet in the world of outsize expectations that envelops Apple, it still contributed to a rare earnings disappointment from the company.