Apple Exceeds Estimates as It Wards Off Smartphone Assault
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Apple Inc. reported third-quarter profit and sales that beat analysts’ estimates, spurring optimism that the maker of the iPhone and iPad can withstand an attack from low-end smartphone competition.
Earnings were $7.47 a share in the period, which ended June 29, the Cupertino, California-based company said today in a statement. Analysts had predicted $7.30 on average, according to data compiled by Bloomberg. Sales rose to $35.3 billion, topping the estimate of $35 billion.