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Top Earning Estimates on iPhone Sales Apple

Apple, which reported tearnings that topped analysts’ estimates on better-than-expected iPhone sales, says it expects a “busy fall” with new products. “We are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014,” Apple CEO Tim Cook said in a statement. Later, during an hour-long call with financial analysts, Cook added that “we’re working on stuff we’re really proud of,” while CFO Peter Oppenheimer said the company is “on track to have a very busy fall.” Company watchers and investors, who have hammered the stock in the past 10 months because of the absence of new products, are looking for Apple to release an update to the iPhone, its top moneymaker, in September or October. A smartwatch and interactive TV may also be in the works, as well as an update to the iPad mini tablet. “Our key catalyst will always be new products and services,” said Cook, who celebrates his second anniversary as CEO next month. “These will be both in existing categories we’re in and in new categories…I think we have lots of growth opportunities. I don’t subscribe to the common view that the high-end of the smartphone market has hit its peak.” Investors seemed pleased with the results and the company’s commentary, sending the shares up as much as 5 percent in late trading. Apple said today that sales rose to $35.3 billion from $35 billion in the fiscal third quarter ended in June. Profit was $7.47 a share, down from $9.32 a year ago. That topped the expectations of analysts, who were expecting expecting sales of $35.01 billion and profit of $7.32 a share. Gross margin, a key measure of profitability, narrowed to 36.9 percent from 42.8 percent, as analysts expected. Apple had forecast gross margin of between 36 percent and 37 percent. For the fourth quarter, which ends in September, Apple said it expects sales of $34 billion to $37 billion and a gross margin between 36 and 37 percent. Analysts were looking for fourth-quarter revenue of $37.1 billion and a gross margin of 36.9 percent. “We believe fiscal year 2013 will prove to be a year to forget, but fiscal year 2014 will prove to be a year of new product innovations,” said Brian White, an analyst with Topeka Capital Markets. Continue read...

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