Apple Inc's 1Q results highlight need for new products

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It's going to take more than brisk sales of the iPhone and iPad to convince investors that Apple still has the magic touch. (AP) It's going to take more than brisk sales of the iPhone and iPad to convince investors that Apple still has the magic touch. (AP)
SummaryIt's going to take more than brisk sales of the iPhone and iPad to convince investors that Apple still has the magic touch.

will broaden its horizons this year by introducing an Internet-connected ``smartwatch'' to establish a toehold in the still-nascent market of wearable computing. Speculation about Apple making a television set that would run on the same software as the iPhone has been circulating for years.

Devices running on Google Inc.'s Android software have been siphoning sales from the iPhone because they usually cost less and many of them feature bigger screens than the iPhone's four-inch display. An iPhone with a display screen spanning nearly five inches is being prepared for sale later this year, according to unidentified people cited in a recent report in The Wall Street Journal.

Apple earned $13.07 billion, or $14.50 per share, in the quarter ending Dec. 28. That's roughly unchanged from $13.08 billion, or $13.81 per share, in the prior year.

Revenue for the fiscal first quarter rose 6 percent to $57.6 billion.

Analysts, on average, had expected Apple to earn $14.09 per share on revenue of $57.5 billion, according to FactSet.

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