Sunday, Oct 23, 2016
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Apple’s quarterly results drop below expectations

NEW YORK — Apple Inc. failed to set a new sales record in the last three months of co-founder and CEO Steve Jobs’ life. Its financial results came in below expectations yesterday.

After several record quarters, the July-to-September period saw Apple biding its time, with no new iPhone or iPad releases. Net income in the fiscal fourth quarter was $6.62 billion, or $7.05 a share. That was up 54 percent from $4.31 billion, or $4.64 a share, from a year ago. Revenue was $28.3 billion, up 39 percent. Analysts expected $29.4 billion.

Apple’s stock finished higher for the day, up $2.25 a share to close at $422.24.

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