Apple profits up 21%
Apple's profits have risen by a fifth in the last year - but that still wasn't enough to satisfy investors who had been hoping for more.
In the three months to 30 June, Apple announced that net profits were up by $8.8bn (£5.7bn), which represents a 21 per cent year-on-year rise. Meanwhile, sales over the same period were up 22 per cent to £22.6bn. However, in a Thomson Reuters poll, analysts had predicted that quarterly sales would climb further to £24bn.
iPads up, iPods down
The distribution of Apple's sales across its product range also makes for interesting reading. Sales of the iPad enjoyed a remarkable 84 per cent rise, while the number of iPhones shifted increased by 28 per cent. At the other end of the spectrum, Mac computer purchases remained largely static with a two per cent rise while demand for the iPod dropped ten per cent.
In fact, the iPhone sales figures are particularly worth noting since a much stronger performance had been predicted. David Wolfe, of investment consultancy Wedgewood Partners, explained: "What is key is the mixture between iPhone and iPad, the iPhone has higher margins. iPhone sales were lower than expected - meaningfully lower - and that translates into a big hit on the bottom line."
Nevertheless, Apple will be confident of regaining its momentum over the coming months with a string of product launches. A revamp of the MacBook line of computers was announced recently while a new version of its operating system, OS X Mountain Lion, was unveiled alongside these results. And the iPhone 5, the latest incarnation of its iconic smartphone, has been widely tipped for a September release date.
Tom Glass, creative director at theEword, said: "To some extent, Apple has become a victim of its own success with investors demanding phenomenal levels of growth year-on-year. The only way Apple can answer its critics is by doing what it does best - designing incredible products that people are willing to pay a premium for, starting with the iPhone 5.