Apple misses revenue target

IDG News Service - Apple on Tuesday reported revenue for the quarter just ended that was lower than analysts had expected, despite a big jump in iPad sales.

At the same time, as if to cushion the blow, Apple said its new Mountain Lion OS will ship on Wednesday and that the next version of its mobile operating system, iOS 6, will arrive in the fall.

Apple sold 17 million iPads in the quarter ended June 30, up 84% from the same period last year, the company announced Tuesday. IPhone sales also increased, by 28% to 26.0 million.

That wasn't enough to match the sales forecasts of financial analysts, however. Apple's revenue for the quarter, the third of its fiscal year, was $35 billion, up from $28.6 billion a year earlier, but less than the consensus analyst forecast of $37.2 billion, according to a poll by Thomson Reuters.

Net profit for the quarter was $8.8 billion, up from $7.3 billion last year, Apple said.

"We're thrilled with record sales of 17 million iPads in the June quarter," Apple CEO Tim Cook said in a statement. "We've also just updated the entire MacBook line, will release Mountain Lion tomorrow and will be launching iOS 6 this Fall."

Rumors have swirled that Apple will release its next iPhone later this year, but Apple's statement didn't confirm that Tuesday, despite the news about iOS 6.

Apple also reported that it sold 4.0 million Macs, up 2% from last year, and 6.8 million iPods, which was down 10%.

The company also announced that it will pay a dividend of $2.65 per share to its stockholders.