Apple revenues disappoint investors

iPad sales were the strongest this quarter growing nearly 84% year-on-year
Sales of iPad continued to drive growth at Apple.
Sales of iPad continued to drive growth at Apple.

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Apple has disappointed investors, with its revenue for the quarter ending June 30 falling short of analysts' expectations. Apple announced sales of $35 billion for the quarter, while  analysts predicted it would bring in close to $37.4 billion.

In comparison, Apple managed to earn $28.6 billion in Q3 2011. Out of the $35 billion in revenue, the tech giant managed to draw in $8.8 billion pure profit, causing its year-on-year profit to spike 20%.

The iPad was clearly the cash cow for Apple, and managed to sell an impressive 17 million units during fiscal Q3. This marks an 84% increase year-on-year.

Tim Cook, Apple's CEO said: "We're thrilled with record sales of 17 million iPads in the June quarter."

"We've also just updated the entire MacBook line, will release Mountain Lion tomorrow [Wednesday, July 25] and will be launching iOS 6 this Fall," Cook added.

"We are also really looking forward to the amazing new products we've got in the pipeline."

The Apple iPhone sold 26 million units for a 28% year-on-year growth. Apple also sold four million Macs during fiscal Q3, a mere 2% increase year-on-year, but not bad considering the overall PC market slid by nearly 1%. The new Ivy Bridge Macbooks that were released last month are expected to revive sales.

The worst performing product was none other than the iPod, which sold 6.8 million units during the quarter, a slide of 10% over last year.

It seems that the success of the iPad was not enough to hold investor confidence. Apple shares fell $30 in after-hours trading, to float at about $570.

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