After a series of blockbuster earnings that blew past even the most optimistic of Wall Street expectations, Apple Inc. [stckqut]AAPL[/stckqut] felt the pain of falling short of elevated expectations.
Apple said Tuesday its profit surged 38%, aided again by strong demand for the company’s latest iPhones and robust growth in China where sales more than doubled. The gains lifted Apple’s cash reserves to a record $203 billion.
But while Apple sold 35% more iPhones in the fiscal third quarter compared with a year earlier, those sales missed some analysts’ estimates. Apple also indicated its revenue in the current quarter could come in below Wall Street projections.