Apple posts record earnings, iPhone and iPad sales, yet misses Wall Street expectations
One would think that posting record revenue and record quarterly profit would be seen as a good thing, but apparently that’s not good enough if your name is Apple. Despite the aforementioned good fortune, Cupertino still missed analyst’s lofty expectations – although not by much.
For the quarter, Apple recorded revenue of $54.5 billion and a quarterly net profit of $13.1 billion. During the previous year, the company posted revenue of $46.3 billion and net profit of the same $13.1 billion. They sold 47.8 million iPhones and 22.9 million iPads during the previous three months, up from 37 million iPhones and 15.4 million iPads a year ago. iPod sales were down, however, from 15.4 million last year to just 12.7 million this year.
CEO Tim Cook said Apple was thrilled with record revenue of over $54 billion and sales of more than 75 million iOS devices in a single quarter. During the earnings call, he said that no technology company has ever posted these kinds of results.
He went on to say that Apple was very confident in their product pipeline as they continue to focus on innovation and making the best products in the world. But perhaps it’s that last sentence that has a number of analysts and investors concerned.
The record earnings and profit are good news for shareholders as the company declared a cash dividend of $2.65 per share for common stock. That will be payable on February 14 to shareholders on record as of the close of business on February 11.
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