Apple earnings jump, but miss estimates

SAN FRANCISCO (MarketWatch) — Apple Inc. reported a strong jump in earnings for its third fiscal quarter on Tuesday, but the company missed Wall Street’s expectations for the period on lower-than-expected sales of the iPhone. For the quarter ended June 30, Apple AAPL -5.16% reported net income of $8.8 billion, or $9.32 per share, compared to net income of $7.3 million, or $7.79 per share, for the same period the previous year. Revenue jumped nearly 23% to $35 billion. Analysts were expecting earnings of $10.35 per share on revenue of $37.2 billion, according to consensus estimates from FactSet. Apple said it shipped 26 million iPhones during the quarter and 17 million iPads. Mac shipments were 4 million units.