Apple sets low sales target for current quarter

SAN FRANCISCO, USA: Despite showing a stellar quarter in terms of sales and revenues, Apple has delivered a sales target that is much below the expectations of most of the analysts.

Apple reported a profit for the quarter of $11.6 billion, or $12.30 per diluted share, down 11 per cent from the previous quarter, reports Dylan McGrath of EETimes.

"We're extremely pleased with our record March quarter performance with earnings nearly doubling year-over-year. The new iPad is off to a tremendous start and is our fastest iPad rollout ever. We're thrilled with the global success of the iPhone 4S, which is now available in more than 100 countries, including China,'' said Peter Oppenheimer, Apple's chief financial officer.

Apple has sold 11.8 million iPads in the quarter, down 24 per cent from the previous quarter but up 151 per cent compared with the year-ago quarter.  International sales of Apple, accounted for 64 per cent of Apple's revenue in the quarter, the company said, up from 58 per cent in the previous quarter.

But Apple said it expects both sales and profit to decline in the current quarter. The company expects sales of about $34 billion and earnings per share of about $8.68.