Innovation
Apple iPhone sales rise with China's help but iPad sales dip
By Finfacts Team
Jul 23, 2014 - 1:41 AM

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With the expected launch of the iPhone 6 in September, Apple was boosted by "off the charts" sales in China while iPad sales fell in the third quarter compared with the same period in 2013.

Apple on Tuesday reported quarterly revenue of $37.4bn and quarterly net profit - - up 11.6% - - of $7.7bn, or $1.28 per diluted share. These results compare to revenue of $35.3bn and net profit of $6.9bn, or $1.07 per diluted share, in the year-ago quarter. Gross margin was 39.4% compared to 36.9% in the year-ago quarter. International sales accounted for 59% of the quarter’s revenue.

Revenue grew of 28% in greater China - - outpacing 6% overall growth - - while lower component costs ensured Apple still managed to beat earnings forecasts, with $1.28 per share.

Apple sold 35.2m iPhones in the quarter ended June 28, up 12.7% from a year earlier. It said the growth was helped by demand from Brazil, Russia, India, and China - - known as the BRIC countries - - where iPhone sales rose 55%.

iPad sales fell 9.2% after a 16% drop three months earlier. In the quarter just two years ago, iPad sales were up 84%.

Mac sales rose 18% to 4.4m units.

Apple now has $135.5bn in net cash and investments after subtracting $29bn worth of debt compared with $129.8bon after debt in the year-ago quarter.

Tim Cook, Apple CEO, said that unit growth of the iPhone was “off the charts” with more to come as China Mobile, rolled out 4G network coverage across the country.

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