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Apple's shares fall despite an 85% increase in profit

Apple’s shares fell by 7% in extended trading yesterday following the announcement of the company’s full year results.

CITY & CORPORATE

Apple's shares fall despite an 85% increase in profit

Apple’s shares fell by 7% in extended trading yesterday following the announcement of the company’s full year results.

In the first set of result since the death of visionary co-founder Steve Jobs, Apple said net profit for the year to 25 September was $25.9 billion (£16.5 billion), up 85% from the previous year.

The company sold 17.07 million iPhones during it fourth quarter which was a 21% increase on last year but this was well short of the 20 million expected by analysts.  The iPhone is Apple's flagship product accounting for 40% of annual sales.

Apple sold 11.1 million iPads, which was a 166% increase on last year, and 4.89 million Macs, up 27% from a year ago.

The company said that September sales had been affected by customers delaying purchases of iPhones as they waited for the release of the iPhone 4S.

Apple sold million iPhone 4S units, more than double the previous version, in the first three days following release despite lukewarm reviews.

Tim Cook, Apple's chief executive, said that he was confident that the company would achieve an all-time record for sales of iPhones in the current quarter, and that the company had a strong product pipeline.

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