A recent study by SNL's research group focuses on revenues and net incomes of media companies. The iPhone (News - Alert) maker Apple, Inc. took the top spot in third quarter (3Q) operating revenues and net income. Despite growth in overall revenues and net income, the research company’s top 25 media companies report indicates that 3Q revenues declined as compared to the second quarter (2Q) 2011. The new iPhones also propelled Apple’s (News - Alert) performance in the fourth quarter (4Q). But, delays in the release of iPhone 5 are hurting Apple’s iPhone sales in the first quarter of 2012, according to SNL.

As per this report, Apple's 3Q revenues were $28.27 billion with a net income of $6.62 billion. Apple’s revenues are far better than competitors in the market, said SNL. As a result, Apple reported 39.0 percent revenue growth and 53.7 percent income growth year over year. However, these numbers represent a sequential decline when compared to performance in the second quarter. SNL’s study shows that in the previous quarter Apple recorded $28.57 billion in revenue, an 82 percent increase year over year, and $7.31 billion in income, a 124.7 percent increase from the prior-year quarter.

In an earning call in October, Apple’s new CEO Tim Cook said that he believes that the disappointing revenue and profits were a direct result of consumers holding out for the next version of the iPhone. Thus, creating a natural depression in sales for the quarter, which ended just days before Apple unveiled the unexpected iPhone 4S.

SNL report indicates that analysts such as Shaw Wu of Sterne Agee are in agreement with Cook's assessment. In a company research report, Wu wrote “the Street simply didn't factor in enough of a product transition ahead of the iPhone release in setting their earnings estimates for Apple.”  However, Wu believes the September quarter's loss would be the December quarter's gain. Hence, the Sterne Agee analyst has raised his revenue and earnings estimates for the fiscal first quarter of 2012.

The SNL media report places Microsoft (News - Alert) Corp. in the second place in revenue and profits in the new media sector, with modest year-over-year growth. This report shows that Microsoft’s revenue was flat sequentially and net income was down slightly from the June quarter. However, in an earnings release, the company flaunted Bing's growing market share, which grew 18.6 percent year over year. Despite Bing’s growing trend, it remains Microsoft's smallest division in terms of revenue. Nevertheless, the December quarter appears to be shaping up better for the company, as it posted its biggest-ever sales week for the Xbox 360 during the week of Black Friday (News - Alert), selling over 960,000 consoles in the U.S during that period, according to SNL.

Meanwhile, Amazon.com took the third place and continues to generate high revenues but with a slimmer profit. Amazon’s 3Q revenue were up year over year by 43.9 percent to $10.88 billion from $7.56 billion in 2010, but the net income was down a full 72.7 percent to just $63.0 million from $231.0 million in 3Q 2010.

Overall, SNL’s top 25 new media companies averaged $3.07 billion in revenue for the 3Q 2011, up 22.6 percent from the prior-year 3Q average of $2.50 billion.