Apple has just released its fiscal Q3 2013 earnings, reporting $57.6 billion in revenue, $13.1 billion in net profit representing $14.50 per share. Compared to the year-ago quarter, it corresponds to a growth of 5.7 percent in revenue, and 5 percent in EPS, with net profit flat year over year.
Apple sold 51 million iPhones, 26 million iPads and 4.8 million Macs in the quarter. As the iPhone remains the big money-making device for Apple, analysts had expected 55 million iPhones. Apple fell below those expectations. Compared to Q1 2013, iPhone sales grew 6.7 percent (more than Apple’s overall revenue) while iPad sales grew 13.5 percent. Read all the details about hardware sales in our separate post.
“We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, Software and Services,” Apple CEO Tim Cook said in the release. “We love having the most satisfied, loyal and engaged customers, and are continuing to invest heavily in our future to make their experiences with our products and services even better.”
According to Fortune, the consensus among analysts was for Apple to report earnings of $14.36 per share on $58.1 billion in revenue, with both revenue and EPS growing. The WSJ expected $57.46 billion in revenue and $12.68 billion in profit, this time with profit down 3 percent year over year.
Despite an all-time high in sales, revenue is below the street’s expectations. On the other hand, EPS is above expectations with flat profit.
As a reminder, Apple reported $37.5 billion in revenue, $7.5 billion in profit representing earnings of $8.26 per share.
Guidance from its last earnings release forecasted between $55 billion and $58 billion in revenue, with gross margin between 36.5 percent and 37.5 percent. Over the past three quarters, Apple’s own guidance has been much more accurate, with the upper end of the forecast very close to what it actually reported.
Developing…
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