Apple data misses expectations as customers await new iPhone

Apple’s profit and sales fell short of analysts’ projections for only the second time since 2003 as customers held off on iPhone purchases while waiting for a new model to be introduced later in the year.

Net income climbed 21% to $8.82bn, or $9.32 a share, in the period that ended Jun 30, Apple said yesterday in a statement. Sales rose 23% to $35bn. Analysts had predicted profit of $10.37 a share on revenue of $37.2bn, the average of estimates compiled by Bloomberg.

Even as Apple outgrew many of its tech-industry peers, its sales came in at the slowest pace since mid-2009. Apple is preparing to overhaul the look of the iPhone and the drop in purchases from the 35.1 million sold in the second quarter shows how anticipation for the latest model can have short-term consequences for financial results. The iPhone is Apple’s biggest source of revenue.