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Apple revenues miss expectations Apple revenues miss expectations as iPhone sales disappoint
(35 minutes later)
Computing giant Apple has reported unchanged profits and record revenues in the final three months of last year. Computing giant Apple has reported flat profits and record revenues that still fell short of market expectations.
Net profit came in at $13.1bn (£8.7bn), while revenue was up 18% at $54.5bn, thanks to record sales of iPhones and iPads, the company said. Net profit came in at $13.1bn (£8.7bn), unchanged from a year earlier due in part to higher costs associated with new product launches.
But Apple shares fell in after-hours trade, as sales missed expectations. Revenue was up 18% at $54.5bn, thanks to record sales of iPhones and iPads, the company said.
But Apple shares fell in after-hours trading, as sales of the iPhone in particular disappointed.
Shares in the firm have fallen almost 30% since September over concerns the company may be losing its edge over increasingly confident competitors.Shares in the firm have fallen almost 30% since September over concerns the company may be losing its edge over increasingly confident competitors.
The company's products are facing a growing challenge from Samsung and other makers of Android-based devices.
'Thrilled'
Apple said it sold 47.8 million iPhones in the quarter, up from 37 million a year earlier, and 22.9 million iPads, compared with 15.4 million in the same period in 2011.Apple said it sold 47.8 million iPhones in the quarter, up from 37 million a year earlier, and 22.9 million iPads, compared with 15.4 million in the same period in 2011.
"We're thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter," said Tim Cook, Apple's chief executive. Many analysts had expected iPhone sales, following the release of the iPhone 5 in September, to break the 50 million mark.
"We're thrilled with record revenue of over $54bn and sales of over 75 million iOS devices in a single quarter," said Tim Cook, Apple's chief executive.
"We're very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.""We're very confident in our product pipeline as we continue to focus on innovation and making the best products in the world."
Analysts took rather a different view.
"The revenue number is dismal as far as what the expectations were," said Jeff Sica at Sica Wealth Management. However, he added that Apple was suffering from a "curse of high expectations".