Mixed case... Apple sold less iPhones, but more iPads than expected. Photo: AP
Apple sold 26 million iPhones during the quarter, about 10 per cent less than the expected 28 million to 29 million, as buyers held off ahead of the latest version of the smartphone due to hit the shelves in the northern summer.
By contrast, the company sold 35.1 million iPhones in the March quarter.
It also reported a rare miss in quarterly revenue, sending shares down 5 per cent.
The most valuable US technology company said fiscal third-quarter revenue rose to $US35 billion, lower than the average analyst estimate of $US37.22 billion, according to Thomson Reuters I/B/E/S.
Few were expecting Apple to deliver a blowout quarter as they remembered that chatter over the launch of a new iPhone last year caused Apple to miss quarterly expectations in the autumn - the first time in years. The economic slowdown in Europe and China also made many investors nervous.
It's only the second time since 2003 that Apple has missed profit and sales estimates. This time it was prompted by customers delaying iPhone purchases ahead of a new version.
Profit climbs
Net income climbed 21 per cent to $US8.82 billion, or $US9.32 a share, in the period that ended June 30, Apple said today in a statement.
Analysts had predicted profit of $US10.37 a share, according to Bloomberg data.
Even as Apple outgrew many of its technology-industry peers, its sales came in at the slowest pace since mid-2009.
"Every quarter that Apple isn't launching a new iPhone it's a transition quarter," said Brian Marshall, an analyst at ISI Group. "That's the key product that matters."
The 26 million iPhones sold compared with 28.4 million, the average prediction of 19 analysts surveyed by Bloomberg.
iPad and Mac sales
The period was the first full quarter worth of sales for Apple's latest iPad, which was released in March and has a high-definition screen, stronger processor and works with faster next-generation wireless networks. The company sold 17 million iPads, more than the 15.4 million projected.
Apple sold 4 million Mac computers and 6.8 million iPods, more in line with 4.3 million Macs and 6.6 million iPods projected by analysts in a Bloomberg survey.
HP, Intel
Apple's results represent a bright spot in an industry whose biggest hardware makers, such as HP and Cisco, are being hurt as customers opt for smartphones and tablets instead of new laptops. Apple was the only major manufacturer to see US computer sales rise in the second quarter, while HP and Dell suffered drops, according to Garter.
As the iPhone and iPad have become the leading smartphone and tablets, Apple has become one of the world's most profitable companies. Its profit compares with $US2.83 billion reported by Intel last week and $US1.92 billion HP is predicted by analysts to report next month. Hewlett-Packard's net income projection excludes one-time expenses.
With tablet sales predicted by research firm Yankee Group to overtake those of personal computers by 2015, Apple is preparing for more challengers for its top-selling iPad.
Microsoft later this year will begin selling its Surface tablet, while Google last month introduced its Nexus 7. Apple's iPad will account for 62.5 per cent of tablet sales this year, according to IDC. The company also is preparing to introduce a model with a smaller screen, people familiar with the plans said earlier this month.
Apple also is battling Samsung Electronics for leadership in the global smartphone market. While Apple has debuted one new model iPhone every year, Samsung has released a variety of handsets, including the Galaxy S III released in May.
Apple's next iPhone will have an overhauled look and include a larger screen, people familiar with the plans said in May. The device also is predicted by analysts to have a stronger processor and work with faster long-term evolution wireless networks.
Reuters, Bloomberg
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