Apple profit jumps, but shares slip

AFP, SAN FRANCISCO: Apple’s latest quarterly profit leapt as people around the world snapped up big-screen iPhones but its shares slipped as analysts had expected even more.
The US tech giants reported Tuesday that its profit jumped 38 per cent to $10.7 billion on surging iPhone sales, compared to $7.7 billion in the same period last year.
Nevertheless, Apple shares fell sharply in after hours trading, at one point down around eight per cent as traders noticed lower than expected sales forecasts.
“We had an amazing quarter,” chief executive Tim Cook insisted, noting that iPhone revenue in the quarter that ended on June 27 was up 59 per cent from the same period a year earlier.
Analysts had expected Apple to sell even more iPhones and were looking for a brighter forecast than was given for the current quarter.
Apple shares dropped more than six per cent to $122.41 in after-market trades that followed release of the earnings figures.
Sales of iPhones have been powering Apple profits, and any hint of a plateau spooks investors.

Apple profit jumps, but shares slip

AFP, SAN FRANCISCO: Apples latest quarterly profit leapt as people around the world snapped up big-screen iPhones but its shares slipped as analysts had expected even more. The US tech giants reported Tuesday that its profit jumped 38 per cent to $10.7 billion on surging iPhone sales, compared to $7.7 billion in the same period last year. Nevertheless, Apple shares fell sharply in after hours trading, at one point down around eight per cent as traders noticed lower than expected sales forecasts. We had an amazing quarter, chief executive Tim Cook insisted, noting that iPhone revenue in the quarter that ended on June 27 was up 59 per cent from the same period a year earlier. Analysts had expected Apple to sell even more iPhones and were looking for a brighter forecast than was given for the current quarter. Apple shares dropped more than six per cent to $122.41 in after-market trades that followed release of the earnings figures. Sales of iPhones have been powering Apple profits, and any hint of a plateau spooks investors.