Jump in Apple iPhone sales leads Apple to report higher Q3 earnings

Apple sold 35.2 million units of the Apple iPhone during its fiscal third quarter, up from 31.2 million units sold in the same quarter last year. This led the tech titan to report earnings of $7.7 billion for the period, or $1.28 a share. That compares to the $1.23 a share that Wall Street was expecting. Revenue for the period came in at $37.4 billion, slightly less than the $38 billion that analysts were looking for.

Apple iPad sales continued its downward path. For the recently ended three month period, Apple sold 13.2 million tablets vs.14.6 million last year, and 17 million the year before that.

For the current quarter that ends in September, Apple forecasts sales of $37 billion to $40 billion, slightly less than what Wall Street is expecting ($40.44 billion). Apple is estimating margins of 37% to 38%. The company also announced a dividend of 47 cents a share.

Overall, it is a mixed report for Apple. While iPhone sales rose, they still came in under the 35.9 million that analysts were looking for. After hours, the stock is down 25 cents to 94.47.

source: CNET