Apple misses estimates with $9.32 EPS on $35.0 billion revenue

Apple today announced financial results for its fiscal 2012 third quarter ended June 30, 2012. The Company posted quarterly revenue of $35.0 billion and quarterly net profit of $8.8 billion, or $9.32 per diluted share. These results compare to revenue of $28.6 billion and net profit of $7.3 billion, or $7.79 per diluted share, in the year-ago quarter. Gross margin was 42.8 percent compared to 41.7 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter’s revenue.

The Company sold 26.0 million iPhones in the quarter, representing 28 percent unit growth over the year-ago quarter. Apple sold 17.0 million iPads during the quarter, an 84 percent unit increase over the year-ago quarter. The Company sold 4.0 million Macs during the quarter, a two percent unit increase over the year-ago quarter. Apple sold 6.8 million iPods, a 10 percent unit decline from the year-ago quarter.

Apple’s Board of Directors has declared a cash dividend of $2.65 per share of the Company’s common stock. The dividend is payable on August 16, 2012, to stockholders of record as of the close of business on August 13, 2012.

“We’re thrilled with record sales of 17 million iPads in the June quarter,” said Tim Cook, Apple’s CEO, in the press release. “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.”

“We’re continuing to invest in the growth of our business and are pleased to be declaring a dividend of $2.65 per share today,” said Peter Oppenheimer, Apple’s CFO, in the press release. “Looking ahead to the fourth fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $7.65.”

Analysts’ consensus estimates had called for Apple to report Q312 earnings of $10.35 a share on revenue of $37.2 billion, according to Thomson Reuters I/B/E/S.

On April 24, 2012, Apple CFO Peter Oppenheimer provided Q312 guidance of “diluted earnings per share of about $8.68″ on “revenue of about $34 billion.”

MacDailyNews Note: MacDailyNews will provide live notes from Apple’s Q312 Conference Call starting at 5pm EDT today, July 24.

76 Comments

    1. That’s not what drives the stock. It’s the stock market. Try to pay attention to what goes on in the stock market. If you did you’d know that their numbers are not the ones that count. The stock market isn’t about fanboys. It’s about investing and you have to be knowledgeable or you can lose your ass.

      1. Yes. Knowledgable people know that imaginary guesses are more important thn the actual results, which beat Apple’s guidance. SHOCK! HORROR!

        The actual headline should be “Analysts Get Apple Wrong for the Last 40 quarters”.

        1. Yes in some ways you’re correct. The street numbers are what drives the stock. Since you should understand that why would you complain? If you knew anything you wouldn’t.

          1. Thank you for illustrating what the stock market really is, a vegas like scheme where rich people make up numbers and bet against each other ruining many lives in the process.

            Don’t tell me how it is, tell me why it is, because rational data driven people do not comprehend. Apple releases guidance, “we expect the numbers to look like this” Some bozos say, no I don’t like that number, doesn’t make me enough money so I’m going to issue my own numbers, and when these numbers (pulled from ass) do not come true (despite Apples numbers being on the mark) I am disappointed? WTF? There is a reason I do not willingly play in this space..

            Never trust a lawyer, a stock Broker, A banker, a politician, who am I missing??

            1. No one said life is fair. I understand your point about the Vegas comparison. That’s not a bad analogy. But why are you complaining? If you lost some money that’s just investing. You can make it back. Or not. You either understand how the stock market works or you should not be involved. But if you’re just complaining to be complaining that makes no sense. Apple will be fine they don’t need your sympathy or your rants. And if you understand that all of these different professions are untrustworthy you shouldn’t have any reason to complain. Because you should be way ahead of the game. I hope you didn’t lose the rent money.

            2. I think people get riled by this stuff because the effects are NOT limited to the people that play the market.

              Some moron makes up some figures that have no basis in reality, then a company who has fantastic year over year growth has it’s stock tank because it failed to succeed as wildly as the aforementioned moron wanted. Now Where do you think all that lost money is going to come from? Eventually it will come out of our economy. The same economy that is struggling to fix itself after similarly irresponsible business practices nearly put the whole country out of business.

              It’s not a case of ‘if you can’t stand the heat stay out of the kitchen’, it’s more like ‘the whole country just wants a PB&J and the cook is smoking crystal meth.

              You don’t have to play the market to lose when others make STUPID bets.

            3. The money simply gets moved from one person to another. It doesn’t go away. Also, if Apple had better numbers this quarter would you still be complaining about the “figures that have no basis in reality?” I think not. So you can’t have it both ways. It’s not manipulation. It’s not some big conspiracy. It’s just the stock market. And it’s obvious you know little about it other than being a fanboy.

            4. I have to agree that analysts should not make up their own numbers because it makes no sense at all. They clearly do not understand what is going on with the company. If that’s the case, they don’t need Apple at all and they should just start some “guess the number” lottery. Whoever’s closest to the number they guess, wins.

        2. Yes, His Shadow is correct. Casino Capitalism drives the market. There’s an old video interview were Steve Jobs was asked about the gyrations of Apple’s Stock Price. He threw his hands up in the air, waved them and exclaimed, “I totally don’t get it; makes no sense” and dismissed the question.
          But in the video link below Steve addresses the bigger question and gives us some stock advice, (which he followed himself).
          Well worth 6 minutes of your time.

  1. They should’ve launched the iPhone 5 this summer instead of waiting so long in face of the Android 4G onslaught. It also would’ve made the iPhone launch cycle more unpredictable.

    1. They should launch the iPhone 5 when it’s ready to launch and not rush it to market like the Android 4G devices which devour batteries and have all sorts of other issues.

    2. Got to use — well, tried to use — a Galaxy S3, and… I’m not too worried about Apple. I hadn’t used Android in a few years, but people kept saying, “It’s so much better than 2010.” So, I wondered what all the hype was about. I haven’t figured it out, as the GS3 was harder to use than a 2010-era Droid. I don’t get it; I think people just buy Androids b/c they’re cheap. Cheap phones where you have to run virus scan — that’s a market Apple doesn’t care about.

    3. Idiot. The Android 4G onslaught is only happening in North America.

      Apple’s telco partners are BOGOing those crappy Androids out the door like they are 2 years past their due date.

      That 4G onslaught is helping Samsung make a few bucks but bankrupting everyone else.

      Let’s see, do I want 75% of the profits or do I want to increase market share while losing money?

      Decisions, decisions.

      1. Is that 75% of profits number growing of shrinking is the question. Market share is important also. One or Two features makes the difference. If Iphone had only 5% more of androids market, this quarter would be better. People want a bigger screen, so they get Android. Android users don’t know the Apple iOS and wont. Apple is playing catch up there. So now Iphone 5 will be bigger and all the fanboys that say the current size is perfect will change their mind and say the bigger phone is brilliant! Mark my words, and it will make a difference. Also, walked into Best Buy to see the Samsung “Smart TV” which had all of the features I’ve heard Apple TV will have. I know I know, we need the Apple OS, but the average person can’t compare now, and will think Smart TV is just fine. It just feels like Apples roll-out is a little slow these days, and one-size does not fit all. Android is an onslaught, so Just saying, the competition is fierce. That is what wall street watches.

    4. They should have launched the iPhone at the same time they traditionally do AND they should be more unpredictable with the launches of new iPhones?

      Did you even process your stupid thoughts before sharing them?

  2. Realist me: Had to happen eventually (missing unrealistic analyst expectations).

    Investor me: frak, losing money on paper *again*. And no I don’t have spare money to take advantage of this buying opportunity (buying 1 or 2 shares is pretty damn pointless).

  3. Ouch! Hey, it’s not like it wasn’t predicted. So much for “the analyst don’t know their ass from a hole in the ground”. I’ll be buying tomorrow morning that’s for certain. Great opportunity with the stuff coming up in the future it’s a no-brainer.

    1. The analysts don’t know their ass from a hole in the ground. They kept predicting based off of Apple’s conservative projections, and for once in several years they were right because Apple didn’t blow their own projections out of the water.

      Still way better than Microsoft or Dell.

      1. Here let me get you a crying towel. Damn! So they’re correct and you’re mad at them? Think about what you just said. Apple did not have a spectacular quarter. It’s not the end of the world. It was predicted by most analysts. Rather than cry and whine about it just buy some stock or better yet options tomorrow morning. This is a gift. Quit blaming everyone else and face the facts. Buying opportunity!

        1. So your idea of a “spectacular quarter” is whatever anyone with the self-imposed title of analyst pulls out of their ass on any given day on any friggin’ whim that comes to them? You’re as full of shit and full of yourself as they are.

          1. So let’s see if I’ve got this right, you’re pissed because the analysts called it correctly? Well you make fun of them but they called it correctly. So it looks more like you have your head up your ass. You’re just a pissed off fanboy. Go back to mom’s basement and play some games. Investing is no place for fanboys. Quit crying for Apple. It’s fucking embarrassing.

            1. No, I’m pissed at arrogant little fucks like you who think the world revolves around your ass. What’s embarrassing is that bootlicker “Weekend” who wants to give you a knob job.

            2. Seriously? You want another guy to do that? Sorry, that’s not how I roll. Anyway, can’t we all just get along and agree that “GM” is just a Mitt Romney wannabe?

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