Apple's third fiscal quarter results have once again left the market a little underwhelmed, as the vendor reported flat revenue, declining client sales and a margin squeeze.
For the three months to 29 June, the Cupertino-based firm saw sales rise 0.8 per cent annually to $35.3bn (£23bn). Net income dropped 21.8 per cent to $6.9bn. A $3.05-a-share dividend is to be paid to stockholders next month.
Unit sales of iPads were down from 17 million in Q3 FY12 to 14.6 million this time out, while Mac sales dropped from four to 3.8 million. The one bright spot on the hardware front was the iPhone, of which 31.2 million were sold during the quarter, compared with 26 million in the corresponding period last year.
Apple chief executive Tim Cook (pictured below right) said: "We are especially proud of our record June quarter iPhone sales of more than 31 million and the strong growth in revenue from iTunes, software and services. We are really excited about the upcoming releases of iOS 7 and OS X Mavericks, and we are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014."
For the fourth quarter Apple is expecting its top line to come in somewhere in the region of $34bn and $37bn, with gross margins of between 36 and 37 per cent.
For so long the golden-haired child of the IT industry, Apple's halo has slipped somewhat in recent quarters. During Q3 last year the vendor failed to meet Wall Street expectations, despite growing its top and bottom line in excess of 20 per cent.
Subsequent quarters have been met with a similarly tepid response, with Apple seeing $50bn wiped off its market capitalisation at a stroke, following the publication of its first-quarter numbers.
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