Apple exceeded rather modest market expectations, but seems not able to keep up with its growth speed. Q3 net income fell (for the second quarter in a row) 22% to $6.9bn, but earnings of $7.47 per share beat the $7.30 median analysts’ estimate compiled by Bloomberg. Revenues rose 1% to $35.3bn, slightly higher than the $35bn consensus. For the current quarter, Apple predicts sales to come in at $34-37bn, compared to a median market forecast of $37bn.
In the last quarter, the California-based company sold 31.2m iPhones, compared to 26m in the same period a year earlier. Though iPhone sales topped estimates, the device’s average selling price fell 4% from a year earlier. Apple’s gross margin, the percentage of sales left after subtracting production costs, was 36.9%, matching the company’s target. Sales of the iPad dropped 14% from a year earlier to 14.6m. CEO Tim Cook promised to present new products in fall and 2014. The shares rose as much as 5.5% in extended trading.