Apple Profits Up, Outlook Spotty
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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.