Apple Earnings Disappoint

Apple says its growth slowed in the most recent quarter, disappointing investors who thought its progress was unstoppable. In both revenue and net income, Apple posted the smallest increases in years for the April to June period, failing to meet analyst expectations.

• Net income in the fiscal fourth quarter was $8.8 billion, or $9.32 per share. That was up 21% from $7.3 billion, or $7.79 per share, a year ago. Analysts polled by FactSet were expecting earnings of $10.37 per share.
• Revenue was $35 billion, up 23%. Analysts were expecting $37.5 billion.
• Apple sold 26 million iPhones in the quarter, at the low end of expectations. It sold 17 million iPads, beating forecasts.

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