The mixed-bag earnings season continues. Apple reported third-quarter earnings of $7.05 a share, on revenue of $28.3 billion.
Analysts, on average, expected Apple to earn $7.22 a share on revenue of $29.5 billion.
Apple has not missed earnings forecasts since the second quarter of 2002, according to FactSet data. Others are saying it’s the first miss since 2004, probably using Thomson Reuters or some other estimates. Let’s put it this way — it’s been a long time.
The stock initially fell 8% after hours, after gaining 0.5% during regular trading. The stock is clawing back a little bit, now down about 5% at about $398. It closed last Friday at a record high of $422.
This still falls in the “disappointing” column for the overall earnings season, along with IBM, Aloca and Goldman Sachs. Earlier, Intel and Yahoo joined Google in the plus column, reporting better-than-expected results.
For the quarter, iPhone sales came in at 17.07 million, compared with forecasts of 20 million — maybe the most disappointing number for Apple.
There are headlines on Dow Jones Newswires quoting CFO Peter Oppenheimer as saying “pervasive iPhone rumors kept customers from purchasing” iPhones in the quarter. They totally expected iPhone sales to fall, in other words.
On the brighter side, iPad sales came in at 11.1 million units, topping estimates by a little bit.
Apple said it expected calendar fourth-quarter earnings of $9.30 per share, better than the $9.03 Wall Street expected. Apple typically has fairly conservative guidance.
It forecast $37 billion in quarterly revenue, a little higher than the $36.7 billion analysts expected.