Apple profits have surged 70% off the back of record iPhone sales, however sales of their iPad have fallen below expectations with Apple Boss claiming that competitors to the iPad will “flop” due to size issues.
Earlier today Apple Appl,e reported aq profit of $4.31 Billion. Sales of iPhones jumped to 14.1 million an increase of 14.1 million.The average selling price was $610 a unit.
however Apple only sold 4.8 million vs a target of 4.8 million for the quarter. Shares of Apple, which reached a record high of $319 during the regular session Monday, dropped 5% in after-market trading, to $301.76.
Revenue jumped 67% to $20.34 billion, with 43% coming from the U.S.
The Wall Street Journal said that Apple said it sold 4.2 million iPads in the quarter. Analysts were expecting about 4.8 million iPads to be sold for the quarter. It sold 3.3 million iPads in the previous quarter.
In the same period Apple sold 3.9 million Macintosh computers in the latest quarter, up 27% from a year earlier. Chief Executive Steve Jobs said Apple’s smartphone sales “handily” beat the 12.1 million sold by rival Research in Motion Ltd. in its most recent quarter and noted that Apple still has “a few surprises left for the remainder of this calendar year.”
In a conference call, Mr. Jobs dismissed a new crop of tablet computers from rivals, saying the devices, most of which have smaller screens than the iPad, will flop. He added the company had sold more than 250,000 of its Apple TV device.
The company sold 9.1 million iPod media players, falling 11%. Sales have slowed for the iPod, although the unit has likely benefited from higher average selling prices, as more customers gravitate toward the iPod touch.
Apple expects earnings of $4.80 a share for the December quarter on revenue of $23 billion. Analysts were expecting profit of $5.03 a share on revenue of $22.35 billion, according to FactSet estimates.