Apple Misses on Top and Bottom Lines; Guides LowerJuly 24, 2012 @ 4:43 PM EST
Earnings Update: Apple
In an announcement that is uncharacteristic for the world’s biggest tech company, Apple announced that their quarter missed on both EPS and revenues.
Apple (AAPL) reported Q3 earnings per share of $9.32 which was below the consensus estimate of $10.37.
On the revenue side, the company produced revenues for the quarter of $35.02 billion, which was below the consensus estimate of $37.43 billion.
Looking ahead, AAPL provided Q4 guidance of EPS for $7.65 vs. FactSet $10.30 and revenues of $34 billion vs. $38.31 billion.
The company shipped 26.03 million iPhones vs expectations for 28.7 million, producing iPhone revenues of $16.25 billion vs. $17.96.
iPad shipments came in at 17.04 million, ahead of estimates for 15.37 million - producing revenues of $9.17 billion, ahead of estimates for $8.69 billion.
Apple’s board has declared a cash dividend of $2.65 per share of the company’s common stock. The dividend is payable on August 16, 2012, to stockholders of record as of the close of business on August 13, 2012.
Company says that several items impacted quarter including the economy in Europe, sluggishness in Australia, Brazil and Canada, and speculation on new iPhone.
AAPL stock last traded at $570.50, down from the closing price of $600.92.
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