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Apple misses iPhone sales targets

Gregg Keizer | Oct. 19, 2011
Apple today reported near-record revenues, saying that it had sold 17 million iPhones and 11.1 million iPads in the third quarter.

Apple today reported near-record revenues, saying that it had sold 17 million iPhones and 11.1 million iPads in the third quarter.

Revenue for the quarter ending Sept. 30 was $28.3 billion, off the record of $28.6 billion set the previous quarter. Apple said net profit was $6.6 billion. Revenue and profit were up over the same quarter last year by 39% and 54%, respectively.

However, the $28.3 billion in revenues was a record for the third quarter, and the fifth consecutive quarter over the $20 billion mark.

"We are extremely pleased with our record September quarter revenue and earnings and with cash generation of $5.4 billion during the quarter," said Peter Oppenheimer, Apple's chief financial officer, in a statement.

The 17 million iPhone sales were significantly off Wall Street estimates, which had pegged the number at around 20 million. Sales of the iPhone 4S , which Apple started selling last week, were not included in the third-quarter figures.

Apple's iPad sales, however, were better than expected: Analysts had forecast sales of 10 million tablets. iPad sales were up 166% over the same quarter in 2010.

Meanwhile, Mac sales grew 37% over last year's third quarter and 30% over the previous quarter to 4.9 million systems, a record for Apple.

CEO Tim Cook, who took control of Apple's reins in August when Steve Jobs stepped aside , was optimistic about the remainder of the year.

"We have strong momentum going into the holiday season and we remain enthusiastic about our product pipeline," Cook said.

Apple will host a conference call with analysts and reporters starting at 5 p.m. ET today to go over its quarterly numbers and answer questions.

 

 

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