Apple exceeds financial expectations

Apple continued their dominance of the technology sector, revealing increased sales in their Third Quarter Results published today.

The world's most valuable company announced a net profit of US$8.82 billion, posting record iPad sales of 17 million along with 26 million iPhones.

The financial results show an increased profit from $7.31 billion from last year as the company revealed a quarterly revenue of $35 billion for its fiscal 2012 third quarter, ending June 30.

Over 4 million Macs were sold during the period representing a 2% unit increase but a 10% decline was made on iPod purchases, with 6.8 million sold.

"We're thrilled with record sales of 17 million iPads in the June quarter," said Tim Cook, Apple's CEO. "We've also just updated the entire MacBook line, will release Mountain Lion tomorrow and will be launching iOS 6 this Fall. We are also really looking forward to the amazing new products we've got in the pipeline.

"We're continuing to invest in the growth of our business and are pleased to be declaring a dividend of $2.65 per share today," said Peter Oppenheimer, Apple's CFO. "Looking ahead to the fourth fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $7.65.

Apple's Board of Director declared a cash dividend of $2.65 per share of the Company's common stock with a dividend payable to stockholders on August 16.

Despite the results Wall Street expected earnings of $37.2 billion per quarter but Apple beat their own estimates of $34 billion.

The electronics giant expects revenue of around $34 billion for the next quarter also but analysts believe the figure could reach $38 billion, representing earnings of $10.22 per share.