SAN FRANCISCO (MarketWatch) - Apple Inc. reported a decline in third-quarter profit on Tuesday afternoon, though the results beat Wall Street's estimates thanks to stronger-than-expected iPhone sales.
Apple shares jumped more than 4% in after-hours trade following the report, even though its revenue forecast for the current quarter came in below estimates.
The stock closed down 1.7% at $418.99 during the regular session. Read MarketWatch's live blog of Apple's third-quarter earnings call.
For the period ended June 29, Apple reported net income of $6.9 billion, or $7.47 per share, compared with net income of $8.8 billion, or $9.32 per share, for the same period last year.
Revenues grew slightly to $35.3 billion.
Gross margin came in at 36.9% for the fiscal third quarter.
Analysts were expecting earnings of $7.31 per share on revenue of $35 billion, according to consensus forecasts from FactSet.
The company shipped 31.2 million iPhones in the quarter; analysts had predicted a range of 26 million to 27 million iPhones shipped, on average.
Shipments of the iPad totaled 14.6 million units - falling short of the 17 million-to-18 million range predicted by analysts. Mac shipments totaled 3.8 million units.
For the September period, Apple projected revenue in the range of $34 billion to $37 billion. Analysts were looking for revenue of $37.1 billion for the period, according to FactSet.
The company also projected a gross margin range of 36% to 37% for the period. Analysts have been expecting the launch of a new iPhone in late September, though many have been trimming their forecasts for the quarter over the last month.
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