Apple has reported that iPhone sales that have been under pressure from the Samsung Galaxy S II and Android devices have not lived up to what the the Company anticipated in the last quarter. Despite this the Company deliverd a 54% increase is sales in the last quarter.
For the first time in several quarters Apple missed Wall Street’s estimates for the period due to the lower-than-expected sales of the iPhone. Revenue jumped 39% to $28.27 billion.
For the quarter ended Sept. 24, Apple reported net income of $6.62 billion, or $7.05 a share, compared with net income of $4.31 billion, or $4.64 a share, for the same period the previous year.
The Company sold 17.07 million iPhones in the quarter, representing 21 percent unit growth over the year-ago quarter. Apple sold 11.12 million iPads during the quarter, a 166 percent unit increase over the year-ago quarter. The Company sold 4.89 million Macs during the quarter, a 26 percent unit increase over the year-ago quarter. Apple sold 6.62 million iPods, a 27 percent unit decline from the year-ago quarter.
“We are thrilled with the very strong finish of an outstanding fiscal 2011, growing annual revenue to $108 billion and growing earnings to $26 billion,” said Tim Cook, Apple’s CEO. “Customer response to iPhone 4S has been fantastic, we have strong momentum going into the holiday season, and we remain really enthusiastic about our product pipeline.”
“We are extremely pleased with our record September quarter revenue and earnings and with cash generation of $5.4 billion during the quarter,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the first fiscal quarter of 2012, which will span 14 weeks rather than 13, we expect revenue of about $37 billion and we expect diluted earnings per share of about $9.30”.