For the second quarter in a row, the world’s largest company (by market value) disappointed investors with its earnings report. The company earned $8.2 billion on revenue of $36 billion for the quarter, up sharply from a year ago but still not good enough for Wall Street. After hitting a high of $705 in late September, Apple stock is now close to $600 per share.
The introduction of the iPhone 5 late in the quarter helped boost iPhone sales to 26.9 million, up 58% from the year-ago quarter. Apple sold 14 million iPads, up 26% from a year ago, while Macintosh computer sales were basically flat at 4.9 million units. Some analysts had expected iPad sales to be much stronger, but others point out that this could have been a weak quarter for the iPad because potential buyers were awaiting the iPad Mini.
Apple’s sales for the trailing 12 months are $156 billion, greater than the GDP of 129 countries. (There are 55 countries with a gross domestic product greater than Apple’s revenue, according to the International Monetary Fund.) The company has $121 billion in cash and securities (short and long-term) on its balance sheet, more than the GDP of 127 countries.
Apple continues to share the wealth with its shareholders. The company has declared a cash dividend of $2.65 per share payable to shareholders of record as of November 12, 2012. That comes to roughly $2.5 billion Apple will spend on dividend payments for the quarter, more than twice what the company spent on research and development during Q3.
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