Updated from 8:56 a.m. to include thoughts from UBS analyst.
NEW YORK (TheStreet) -- Even though the summer months have traditionally been a slower time for Apple (AAPL), it looks as if there's no slowdown this year, as May was a stronger month that it has been in previous years.
Cantor Fitzgerald analyst Brian White, who rates Apple "buy" with a $777 price target, noted that following the software innovations at Apple's Worldwide Developers Conference and implications for Apple at Computex, May sales for the proprietary Apple Barometer were stronger than they've been historically. "Preliminary May sales (98% of sales have been reported) for the companies in our Apple Barometer have been reported and were stronger than typical seasonality," White wrote in a note. "Sales in May rose by approximately 6-7% MoM and were above the average increase of 2% over the past nine years."
In the calendar third quarter of 2013, Apple had quarterly revenue of $35.3 billion and earned $7.47 a share, as it sold 31.2 million iPhones, 14.6 million iPads and 3.8 million Macs. That was down from the previous quarter, where Apple posted quarterly revenue of $43.6 billion, and earned $10.09 a share, as it sold 37.4 million iPhones, 19.5 million iPads and just under 4 million Macs. (HPQ) are leading the S&P Hardware index to gains this year, outpacing other sectors. "Apple and HP are in the leaders quadrant; EMC, Accenture, and Cognizant are losing momentum; and IBM and NetApp are lagging (p6). Apple's P/E matches its 2012 peak, but Apple now sells at a 10% discount to the market compared to parity in August 2012," Milunovich wrote in the note. Also See: How Apple's iPhone Ad Hints at Its Next Big Thing Also See: What Elon Musk Thinks of BMW's i3 --Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia
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