Apple (NSDQ:AAPL)'s earnings beat market expectations due to strong Mac computer sales, but weak guidance had the company's stock taking a hit on Monday afternoon.
The Cupertino, Calif.-based Apple announced at close of market Monday that its revenue was up a 38 percent for its third quarter. Apple posted earnings of $1.07 billion, or $1.19 per diluted share, on revenue of $7.46 billion. Wall Street expected earnings of $1.08 on $7.37 billion in revenue, according to Reuters.
For the same period last year the company made $818 million, or 92 cents per diluted share, on $5.41 billion in revenue.
Apple shipped 2.5 million Macintosh computers, a record for the company, up 41 percent by unit and 43 percent by revenue compared to the third quarter last year. On the iPod front, Apple sold 11 million of the music players during the third quarter, with unit growth up 12 percent and revenue growth up 7 percent.
The company sold 717,000 iPhones in Q3, compared to 270,000 in the previous year's third quarter.
The company launched its second-generation 3G iPhone on July 11 and is selling it in 22 countries. Apple said it sold 1 million in the device's first weekend on the market.
Apple COO Tim Cook said that the company will launch the iPhone in 20 more countries Aug. 22 and intends to be in 70 by the end of the year.
Apple hinted that a product would be undergoing a "transition" in the fourth quarter, but Cook wouldn't elaborate.
About 32 million people passed through Apple's retail stores in the third quarter, up 10 million from last year, and the company expects to be in 600 Best Buy stores by the end of summer, up from 400, the company said.
"Globally we now have about 10,300 storefronts carrying the Macintosh," said Cook. "That's up about 1600 store fronts year over year."
When asked by an analyst about articles speculating that Apple CEO Steve Jobs was in poor health, Cook replied: "Steve loves Apple. He serves as the CEO at the pleasure of Apple's board and has no plans to leave Apple. Steve's health is a private matter."
Traditionally conservative in its guidance to Wall Street, Apple is forecasting earnings of $1 per diluted share on revenue of $7.8 billion for the fourth quarter. Analysts, however, are looking for earnings per share of $1.24 on $8.32 billion in revenue for the quarter.
Share of Apple were trading at $155.60 in after-hours trading, down almost 11 percent.
The Cupertino, Calif.-based Apple announced at close of market Monday that its revenue was up a 38 percent for its third quarter. Apple posted earnings of $1.07 billion, or $1.19 per diluted share, on revenue of $7.46 billion. Wall Street expected earnings of $1.08 on $7.37 billion in revenue, according to Reuters.
For the same period last year the company made $818 million, or 92 cents per diluted share, on $5.41 billion in revenue.
Apple shipped 2.5 million Macintosh computers, a record for the company, up 41 percent by unit and 43 percent by revenue compared to the third quarter last year. On the iPod front, Apple sold 11 million of the music players during the third quarter, with unit growth up 12 percent and revenue growth up 7 percent.
The company sold 717,000 iPhones in Q3, compared to 270,000 in the previous year's third quarter.
The company launched its second-generation 3G iPhone on July 11 and is selling it in 22 countries. Apple said it sold 1 million in the device's first weekend on the market.
Apple COO Tim Cook said that the company will launch the iPhone in 20 more countries Aug. 22 and intends to be in 70 by the end of the year.
Apple hinted that a product would be undergoing a "transition" in the fourth quarter, but Cook wouldn't elaborate.
About 32 million people passed through Apple's retail stores in the third quarter, up 10 million from last year, and the company expects to be in 600 Best Buy stores by the end of summer, up from 400, the company said.
"Globally we now have about 10,300 storefronts carrying the Macintosh," said Cook. "That's up about 1600 store fronts year over year."
When asked by an analyst about articles speculating that Apple CEO Steve Jobs was in poor health, Cook replied: "Steve loves Apple. He serves as the CEO at the pleasure of Apple's board and has no plans to leave Apple. Steve's health is a private matter."
Traditionally conservative in its guidance to Wall Street, Apple is forecasting earnings of $1 per diluted share on revenue of $7.8 billion for the fourth quarter. Analysts, however, are looking for earnings per share of $1.24 on $8.32 billion in revenue for the quarter.
Share of Apple were trading at $155.60 in after-hours trading, down almost 11 percent.
by ChannelWeb
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