Chief Executive Officer Tim Cook is increasingly relying on regions outside the U.S. for sales growth. Apple sold 35.1 million iPhones in the period after releasing the latest model in China and 21 other countries in January. That helped make up for sales declines from the previous quarter at the top U.S. mobile-phone carriers, Verizon Wireless and AT&T Inc. It also quelled speculation that Apple’s growth pace may slacken.
“China has been a very fast-growing region for them,” said Abhey Lamba, an analyst at Mizuho Securities USA Inc. in New York. “There’s more disposable income, strong demand for high-end products and their penetration has been very low in that market. They have been highlighting that region as one of their focus areas.”
Apple rose in extended trading, after having dipped 2 percent to $560.28 at the close in New York. The company’s shares slumped $75.95 since a record close of $636.23 on April 9. The company sold 11.8 million iPads last quarter. Analysts had predicted Apple would sell 31.2 million iPhones and
11.9 million iPads, according to the average of estimates compiled by Bloomberg.
Apple’s stock came under pressure this month after reports indicated a possible shortage in key components for its mobile devices and showed a decline in iPhone sales at wireless carriers. Some traders also took cues from so-called technical indicators that rely on historical trends to predict stock movements.
Apple dipped below its 50-day average yesterday for the first time since December. A weekly close below that level may signal a decline of as much as 19 percent from its record high is under way, according to UBS AG.
In looking ahead to results for the current quarter, Apple forecast revenue of about $34 billion and profit of $8.68 a share. That compares with the average analysts’ predictions for sales of $37.5 billion and profit of $9.96 a share.
iPad’s ‘Great Start’
Analysts including Chris Whitmore of Deutsche Bank AG have predicted that Apple’s sales growth may slow ahead of the release of the next-generation iPhone, likely to come later in the year.
“The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver,” Cook, who took over for late co- founder Steve Jobs last year, said in a statement.
Apple sold 4 million Mac computers and 7.7 million iPods, compared with 4.5 million Macs and 7 million iPods projected by analysts in a Bloomberg survey.