Apple Posts $8.8 Billion Profit
Apple Tuesday posted an $8.8 billion profit for the most recent quarter, representing an increase over $7.3 million the same quarter last year, as revenue rose 23 percent to $35 billion.
The company reported that it posted 17 million iPads and 26 million iPhones in the quarter, representing increases of 84 and 28 percent, respectively. The results, while profitable, were below Wall Street expectations.
“We’re thrilled with record sales of 17 million iPads in the June quarter,” Tim Cook, Apple’s CEO, said as part of the announcement. “We’ve also just updated the entire MacBook line, will release Mountain Lion tomorrow and will be launching iOS 6 this Fall. We are also really looking forward to the amazing new products we’ve got in the pipeline.”