19 Oct 2011

Apple results down

1:03 pm on 19 October 2011

Apple has surprised Wall Street by reporting results that missed expectations for the first time in years, blaming rumors of the new iPhone for hurting demand in the September quarter.

Seventeen million iPhones were sold in the three months to the end of September - well short of the 20 million forecast by analysts.

The iPhone is Apple's flagship product, yielding some 40% of annual sales.

Apple's executives say consumers postponed purchase decisions because of speculation that a new phone was on the way.

Revenue rose 39% to $US28 billion in the quarter, lower than the forecast of almost $US30 billion.

Full year profit rose 85$ to almost $US26 billion.

It was the first set of results since the death of co-founder Steve Jobs

Shares of Apple fell 7% in extended trading, wiping some $US27 billion off the value of the company.