Apple Sinks After Big Miss: Live Blog Recap
Updated from 3.45 PM ET with Apple results, guidance and conference call comments.
The tech giant reported revenue of $35.02 billion and earnings of $9.32 a share, well below consensus estimates of $37.18 billion and $10.37 a share.
Speaking during the conference call to discuss the results, Apple CFO Peter Oppenheimer cited a number of reasons for the revenue and earnings miss, including economic weakness in Europe, Australia, Canada, and Brazil. The finance chief also said that consumer speculation about new products was delaying some purchasing and that a delay with Intel's(INTC) Ivy Bridge chips hurt Mac sales in April and May.
With the eagerly anticipated iPhone 5 expected to debut in September or October, the tech giant clearly experienced a lull in iPhone sales during its third quarter.
Apple sold 26 million iPhones, a 28% increase on the same period last year, but down significantly from 35.1 million in the second quarter and 37 million in the first quarter. The gadget maker also sold 17 million iPads, an 84% hike on the prior year's quarter.
True to form, Apple gave little away about its product roadmap during the conference call, but CEO Tim Cook put a positive spin on all the iPhone 5 brouhaha. "The great thing about this country is that people can say what they think," he said. "I am glad that that people want the next thing - I am super happy about that."
Apple's guidance, however, was a letdown. The iPhone maker forecast fourth-quarter revenue of about $34 billion and earnings of about $7.65 a share. Analysts were looking for sales of $38.03 billion and earnings of $10.23 a share.
The results pushed Apple's shares down 5.23% to $569.49 in extended trading.
Read on for more details from Apple's third-quarter earnings:
--Written by James Rogers, Chris Ciaccia and Nathalie Pierrepont in New York.