UPDATE: During the Q3 Financial Conference conf call, Apple's CFO Peter Oppenheimer told to investors that the company is planing a product transition as well as new products during the second half of the year.

Apple has posted its Q3 financial results today, beating analysts estimates but disappointed on its Q4 guidance.

The company posted a profit of $1.07 billion (up 31%) on revenue of $7.46 billion. Sales were mainly driven by the Mac business as the company sold nearly 2.5 million Macs, 11 million iPods and over 700 000 iPhones.

Analysts were expecting around $7 billion of revenue and around $0.90 per share of profit.

The bad news came from the guidance, as Apple said it is expecting $7.8 billion of revenue and $1 per share of profit.

As a result of the financial results announcement, Apple's shares plunges more than 10% in the after hours trading session to as low as $149.43.