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Profits dip again for Apple, while iPhone sales beat record

Lex Friedman | July 24, 2013
Apple's profits fell for a second consecutive quarter, even as the company enjoyed record iPhone sales for the April-to-June time period.

Fourth-quarter guidance
For the next quarter, Apple is predicting revenue between $34 billion and $37 billion, with gross margins between 36 and 37 percent. That sales figure would put Apple's performance in line with the $36 billion in revenue it reported in the fourth quarter of 2012. For the coming quarter, Apple also predicts operating expenses will be between $3.9 billion and $3.95 billion, with a tax rate of 26.5 percent.

That may dissatisfy some sections of Wall Street, where the focus is on growth and new products, but Apple's Cook told analysts on Tuesday that he doesn't think the company's goals diverge from investors' focus on profits.

"We're here to make great products, and we think that if we focus on that and do that really well, the financial metrics will follow," Cook said. "We don't look at those two things as mutually exclusive."

 

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