Apple shares fall as earnings disappoint

Shares of Apple. Inc. fell almost five per cent in after hours trading Tuesday after the company reported third-quarter net income that came in below Wall Street’s expectations.

Apple earned $8.8 billion US, or $9.32 a share, on $35 billion in revenues. That was a 21 per cent increase in earnings from a year earlier and an increase in revenue of almost 23 per cent.

But analysts had expected profits of $9.8 billion, or $10.38 a share, on $37.35 billion in revenues.

After the announcement, its shares were trading down 4.9 per cent at $571.

IPhone sales were below expectations of about 28 million at 26 million. The firm shipped 17 million iPads and four million iMacs.

It had net income of $7.3 million, or $7.79 per share, in the same period last year.

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