Apple's reports lower than expected rise in profits

25/07/2012

Apples Reports Lower Than Expected Rise In Profits

Apple made a net profit of $8.8 billion (£5.7 billion) in the three months ending in June, which is an increase of 21 per cent from the previous year.

The company sold 26 million iPhones, a rise of 28 per cent from previous results, but this is slower than many people had anticipated.

Analysts had predicted earlier this month that Apple's results wouldn't be record-breaking as they so often have been because consumers are waiting to get their hands on the latest iPhone.

Experts anticipate this will be released at some point in the third quarter of the year.

Apple's chief financial officer Peter Oppenheimer said the firm is continuing to invest in growing the business and so expected revenue to be around $34 million in the fourth fiscal quarter.

Chief executive officer of Apple Tim Cook added: "We're thrilled with record sales of 17 million iPads in the June quarter."

Posted by Samantha Green

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