Apple’s record revenues fall short of expectations

<p>Apple’s share price rose before close of play last night, but its revenues failed to meet expectations.</p>

Apple has posted record revenues that still fell short of market expectations, sending the company's share price higher in New York last night (January 23rd).

The technology giant's profits were flat at $13.1 billion (£8.7 billion) – which is the same as last year due to the higher costs relating to new product launches – while revenues rose by 18 per cent to $54.5 billion.

This is thanks to record demand for iPads and iPhones, but while 47.6 million units of the iconic smartphone were sold in the final quarter of 2012, many analysts had posted predictions of 50 million.

Chief executive Tim Cook stated: "We're very confident in our product pipeline as we continue to focus on innovation and making the best products in the world."

At close of play on Wall Street yesterday, Apple shares rallied by 1.8 per cent to $514.01 per unit, climbing out of the dip experienced early last week.

Find out about the Nasdaq and spread betting strategies at City Index.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.