RealTime IT News

Apple Profits Up, Outlook Spotty

Apple said it expected fourth-quarter earnings of $1.00 per share and revenue of $7.8 billion, compared with average Wall Street targets of $1.25 earnings per share and $8.3 billion revenue, according to Reuters Estimates.

Fiscal third-quarter net income rose to $1.07 billion, or $1.19 per share, from $818.0 million, or 92 cents per share, a year ago. Revenue advanced to $7.46 billion from $5.41 billion. Analysts, on average, had expected a profit of $1.08 on revenue of $7.37 billion.

Apple this month rolled out the latest version of its iPhone, which connects to the Internet at faster speeds than its previous version.

Shares of Apple have declined 17 percent this year, based on Friday's close, compared with a decline of 14 percent in the Standard & Poor's 500 Index.