CUPERTINO, Calif. – CUPERTINO, Calif. (AP) _ Apple Inc. (AAPL) on Tuesday reported fiscal third-quarter profit of $7.8 billion.
On a per-share basis, the Cupertino, California-based company said it had net income of $1.42.
The results exceeded Wall Street expectations. The average estimate of 14 analysts surveyed by Zacks Investment Research was for earnings of $1.39 per share.
The maker of iPhones, iPads and other products posted revenue of $42.36 billion in the period, which also beat Street forecasts. Nine analysts surveyed by Zacks expected $41.85 billion.
For the current quarter ending in September, Apple said it expects revenue in the range of $45.5 billion to $47.5 billion. Analysts surveyed by Zacks had expected revenue of $45.91 billion.
Apple shares have decreased 8 per cent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 6 per cent. In the final minutes of trading on Tuesday, shares hit $96.67, a drop of 21 per cent in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AAPL at http://www.zacks.com/ap/AAPL
Keywords: Apple, Earnings Report, Priority Earnings