Apple Earnings Follow-up

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 Apple forecast revenue of $34 billion to $37 billion this quarter, slightly below Wall Street's average projection of $37.04 billion. Apple earned $6.9 billion, or $7.47 a share, on revenue of $35.3 billion. That compared with a profit of $8.8 billion, or $9.32 a share, on revenue of about $35 billion in the year-ago quarter.

 

Gross margins came in at 36.9% in the third quarter, sharply below 42.8% a year ago, as Apple sold more cheaper older model iPhones along with the new iPhone 5 model, sales rose 51% in the United States from a year earlier, and 66% in Japan.
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