Apple revenue, profits up in iPad-driven quarter

Sales of the new iPad helped Apple's line during its fiscal third quarter.

Sales of the new iPad helped Apple's line during its fiscal third quarter. The company reported Wednesday that revenue for the three-month period ended June 30 grew 22 percent over last year while profits rose 20.5 percent.

Apple's sales hit $35 billion for the third quarter of 2012, up from $28.6 billion last year while profits rose to $8.8 billion from $7.3 billion. Earnings for the quarter were $9.32 a share, up 20 percent from last year. Reported earnings topped Apple's forecast, but fell short of Wall Street expectations of $10.35 per share on projected revenue of $37 billion.

We'll have more detail on Apple's third-quarter performance later today. Apple is hosting a conference call with Wall Street analysts to go over the numbers; you can follow the live coverage on Macworld.com.

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Philip Michaels

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