Updated from 3.45 PM ET with Apple results, guidance and conference call comments.
CUPERTINO, Calif. (
(AAPL - Get Report) reported its
third-quarter results after market close on Tuesday, missing analysts' estimates on both the top and bottom lines.
The tech giant reported revenue of $35.02 billion and earnings of $9.32 a share, well below consensus estimates of $37.18 billion and $10.37 a share.
Speaking during the conference call to discuss the results, Apple CFO Peter Oppenheimer cited a number of reasons for the revenue and earnings miss, including economic weakness in Europe, Australia, Canada, and Brazil. The finance chief also said that consumer speculation about new products was delaying some purchasing and that a delay with
Ivy Bridge chips hurt Mac sales in April and May.
With the eagerly anticipated iPhone 5 expected to debut in September or October, the tech giant clearly experienced a lull in iPhone sales during its third quarter.
Apple sold 26 million iPhones, a 28% increase on the same period last year, but down significantly from 35.1 million in the second quarter and 37 million in the first quarter. The gadget maker also sold 17 million iPads, an 84% hike on the prior year's quarter.
True to form, Apple gave little away about its product roadmap during the conference call, but CEO Tim Cook put a positive spin on all the iPhone 5 brouhaha. "The great thing about this country is that people can say what they think," he said. "I am glad that that people want the next thing - I am super happy about that."
Apple's guidance, however, was a letdown. The iPhone maker forecast fourth-quarter revenue of about $34 billion and earnings of about $7.65 a share. Analysts were looking for sales of $38.03 billion and earnings of $10.23 a share.
The results pushed Apple's shares down 5.23% to $569.49 in extended trading.
Read on for more details from Apple's third-quarter earnings:
Written by James Rogers, Chris Ciaccia and Nathalie Pierrepont in New York.
>To submit a news tip, send an email to:
Check out our new tech blog,
. Follow TheStreet Tech
on your wireless devices
Check Out Our Best Services for Investors
Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts