iPad sales fall short of Wall Street targets


Apple delivered lacklustre quarterly results and iPad sales fell short of Wall Street targets, pushing its stock slightly lower.

The results came as it heads into the crucial holiday season, when competition in the smartphone and tablet market will reach fever pitch, with Apple pitting a new phone and iPads against Amazon and Google Android devices.

“We were happy with the 14 million iPad sales in the quarter. It exceeded our expectations,” Apple chief financial officer Peter Oppenheimer said in an interview. “But as the summer went on the rumours were pretty rampant about the iPhone and iPad.”

For the December quarter, Apple forecast revenue of $52 billion, below the average estimate of $55 billion, according to Thomson Reuters I/B/E/S.

Apple heads into the quarter after having refreshed almost all of its product lines, including an upgraded, full-sized iPad. The December quarter will show how well consumers respond to Apple’s gamble – the new smaller iPad mini that will go on sale on November 2nd. – (Reuters)