Apple Inc.’s profit and sales fell short of analysts’ projections for only the second time since 2003 as customers held off on iPhone purchases while waiting for a new model to be introduced later in the year.

Net income climbed 21 percent to $8.82 billion, or $9.32 a share, in the period that ended June 30, Cupertino, California- based Apple said today in a statement. Sales rose 23 percent to $35 billion. Analysts had predicted profit of $10.37 a share on revenue of $37.2 billion, the average of estimates compiled by Bloomberg.

Even as Apple outgrew many of its technology-industry peers, its sales came in at the slowest pace since mid-2009. Apple is preparing to overhaul the look of the iPhone and the drop in purchases from the 35.1 million sold in the second quarter shows how anticipation for the latest model can have short-term consequences for company’s financial results. The iPhone is Apple’s biggest source of revenue.

“Every quarter that Apple isn’t launching a new iPhone it’s a transition quarter,” said Brian Marshall, an analyst at ISI Group. “That’s the key product that matters.”

Apple, the world’s largest company by market value, fell in extended trading. The shares had slipped less than 1 percent to $600.92 at the close in New York, trimming the year-to-date gain to 48 percent.

The 26 million iPhones sold compared with 28.4 million, the

average prediction of 19 analysts surveyed by Bloomberg. Apple

also sold 17 million iPads, compared with the 15.4 million

projected.

The period was the first full quarter worth of sales for Apple’s latest iPad, which was released in March and has a high- definition screen, stronger processor and works with faster next-generation wireless networks from carriers such as Verizon Wireless and AT&T Inc.

Looking ahead to the current quarter, Apple forecast revenue of about $34 billion and profit of $7.65 a share. That compares with predictions by analysts for sales of $38 billion and profit of $10.27 a share.

Gross margin, the percentage of sales remaining after deducting the costs of production, was 42.8 percent, compared with 41.7 percent a year earlier.

Apple sold 4 million Mac computers and 6.8 million iPods,

compared with 4.3 million Macs and 6.6 million iPods projected

by analysts in a Bloomberg survey.

Apple’s results represent a bright spot in an industry whose biggest hardware makers, such as Hewlett-Packard Co., are being hurt as customers opt for smartphones and tablets instead of new laptops. Apple was the only major manufacturer to see U.S. computer sales rise in the second quarter, while Hewlett- Packard and Dell Inc. suffered declines, according to Garter Inc.

As the iPhone and iPad have become the leading smartphone and tablets, Apple has become one of the world’s most profitable companies. Its profit compares with $2.83 billion reported by Intel Corp. last week and $1.92 billion Hewlett-Packard is predicted by analysts to report next month. Hewlett-Packard’s net income projection excludes one-time expenses.

With tablet sales predicted by research firm Yankee Group to overtake those of personal computers by 2015, Apple is preparing for more challengers for its top-selling iPad. Microsoft later this year will begin selling its Surface tablet, while Google last month introduced its Nexus 7. Apple’s iPad will account for 62.5 percent of tablet sales this year, according to IDC. The company also is preparing to introduce a model with a smaller screen, people familiar with the plans said earlier this month.

Apple also is battling Samsung Electronics Co. for leadership in the global smartphone market. While Apple has debuted one new model iPhone every year, Samsung has released a variety of handsets, including the Galaxy S III released in May.

Apple’s next iPhone will have an overhauled look and include a larger screen, people familiar with the plans said in May. The device also is predicted by analysts to have a stronger processor and work with faster long-term evolution wireless networks.

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