Apple's Q3 results fall below expectations as 'customers delay buying iPhone'

London, July 25 (ANI): Tech giant Apple's third-quarter results fell short of Wall Street's expectations as sales of the iPhone plunged, according to a report.

Shares in Apple tumbled six percent in extended trading in New York.

Although Apple's profits climbed 21percent to 8.8 billion dollars in the last quarter, that was 1billion dollars less than had been forecast.

According to the Telegraph, a much steeper drop in sales of the iPhone, the company's flagship product, was largely to blame.

The firm sold 26million handsets in the quarter, compared with an expectation of 28million and the 35.1million phones it sold in the second quarter of its financial year, the report said.

According to the paper, echoing the view of many outside, Apple's chief executive Tim Cook said that some customers will have delayed buying a new phone in anticipation of the next iPhone, which is expected to be launched in October.

"I think there is a lot of speculation out there. The speculation explains a 'reasonable amount' of the drop," the paper quoted him, as saying. (ANI)

Source: http://news.yahoo.com/apples-q3-results-fall-below-expectations-customers-delay-051101986--finance.html

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