Cupertino CEO Tim Cook admitted that there is indeed a flat demand for iPhones in Europe. This also caused them to trample Apple’s latest quarterly profits. The head honcho was talking to their investors after the company has posted their below-expectations results.
Tim Cook and his chief counter Peter Oppenheimer also suggested that Apple suffered from its own hype machine as the speculation about their new products hurt their own sales of iPhone 4S and other old products.
During the Q3 for 2012, Apple’s revenue and profits fell compared to the quarter before. Apple’s gross revenue for Q3 was only at $35bn compared to $26.6bn for the same period back in 2011, with profits of only $8.8bn as opposed to $7.3bn. However, compared to Q2 the numbers were really that low. The previous quarter posted revenue of about $39.2bn and their profits of $11.6bn.
The iPhone sales in Europe are mainly the heart of Apple’s slip. Cook said while discussing iPhone sales: “The geography that did not perform well was Europe. Europe was essentially flat, slightly positive year-on-year and that really hampered our total result.” However, the iPhone sales in the US were up by 50% and in Japan by 45% compared to the same time in 2011.