Apple reported sales on Tuesday that rose almost 24 percent from a year ago and a profit that soared to 21 percent. Despite their spike in profits, the technology giant’s revenue, earnings per share and iPhone sales in its fiscal third quarter missed Wall Street analysts’ forecasts. The world’s most valuable company reported net income that rose to $8.8 billion, or $9.32 per share, in its fiscal third quarter. Analysts polled by Thomson Reuters forecasted earning of $10.36 per share.
Sales for Apple rose to $35 billion, falling short of analysts’ expectations of $37.2 billion. The Cupertino, California-based company did however sale a record 17 million iPads. The third generation of the tablet, which launched in March in the U.S. and in most other countries last quarter, booted demand. Apple’s decision to continue selling the iPad 2 at a $100 discount also helped increase sales.
