Apple Q3 numbers disappoint markets despite hefty growth

Vendor increases top and bottom line more than 20 per cent annually, but share price still takes a hit

Apple was a victim of its own success in its third fiscal quarter, as its results left the markets underwhelmed, despite a 20 per cent-plus spike in both sales and profits.

For the three months to the end of June, the vendor saw sales grow 22.4 per cent to $35bn (£22.6bn), while net profit rose 20.5 per cent to $8.8bn. The firm shifted 17 million iPads during the quarter, a rise of 84 per cent on Q3 last year. Unit shipments of Macs were up two per cent to four million, but iPod sales fell 10 per cent to 6.8 million.

Apple sold 26 million iPhones during Q3, representing a 28 per cent rise on last year. However, shipments were down more than 25 per cent on the preceding quarter, leaving Wall Street a little disappointed. The vendor's shares fell about five per cent in after-hours trading yesterday.

Apple chief executive Tim Cook said: "We are thrilled with record sales of 17 million iPads in the June quarter. We have also just updated the entire MacBook line, will release Mountain Lion [today] and will be launching iOS 6 this fall. We are also really looking forward to the amazing new products we have in the pipeline."