Apple Disappoints Wall Street, Calls for iPhone 5 Release Date Increase

**Editor’s Note:

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Apple Inc. on Tuesday reported better quarterly revenues and income than the year-earlier period, yet missed Wall Street’s lofty expectations for a tech giant with some of the most enviable financials in the world.

In the fiscal quarter ending June 30, Apple posted a profit of $8.8 billion or $9.32 per diluted share on revenues of $35 billion. Those results were better than a year-ago profit of $7.3 billion or $7.79 per diluted share, on revenues of $28.6 billion.

Analysts surveyed by Thomson Reuters, The Los Angeles Times wrote, estimated Apple would post earnings per share of $10.36 on revenues of $37.2 billion.

Shares of Apple fell in after-hours trading, and any negative perception of its results may have been exacerbated by the fact that the company has mostly met or exceeded analysts’ estimates in recent times. In fact, The Wall Street Journal reported that Apple’s earnings miss was only its second in at least the past 20 quarters.

California-based Apple sold 26 million iPhones, 17 million iPads, 4 million Macs and 6.8 million iPods. iPhone sales reflected 28 percent unit growth over the year-ago quarter while iPad sales grew 84 percent. Tim Cook, Apple’s CEO, said the company was “thrilled” with the iPad results.

Sales of the iPhone, though, have slowed amid rumors of a new smartphone in development. In the previous quarter, Apple sold 35.1 million iPhones. It’s now been more than nine months since the company debuted the iPhone 4S, its latest handset.

“Our weekly iPhone sales continue to be impacted by rumors and speculation regarding new products,” Apple chief financial officer Peter Oppenheimer was quoted by the Journal as saying.

In its fourth fiscal quarter, Apple projects revenues of $34 billion and diluted EPS of $7.65.

The company on Tuesday declared a dividend of $2.65 per share of its common stock; the dividend is payable on Aug. 16.

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