Innovation
Apple's new bigger-screen iPhones a big hit as earnings jump
By Finfacts Team
Oct 21, 2014 - 4:35 AM

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Apple on Monday reported that its new bigger-screen iPhones have been a big hit since they were launched last month and while its fiscal fourth quarterly profit rose 13%, it forecasts record holiday sales in the current quarter.

The iPhone 6 with a 4.7-inch screen and the iPhone 6 Plus with a 5.5-inch display are reported to be in short supply.

Apple said it sold 39.3m iPhones in the period ended Sept. 27, a 16% increase from 33.8m units in the year ago period. Analysts had predicted that Apple would sell 37.8m iPhones in the period.

“Our fiscal 2014 was one for the record books, including the biggest iPhone launch ever with iPhone 6 and iPhone 6 Plus,” said Tim Cook, Apple’s CEO. “With amazing innovations in our new iPhones, iPads and Macs, as well as iOS 8 and OS X Yosemite, we are heading into the holidays with Apple’s strongest product lineup ever. We are also incredibly excited about Apple Watch and other great products and services in the pipeline for 2015.”

Cook said the company still sees “a significant backlog” for new iPhones. Apple just began selling the new iPhones in China, the world’s biggest smartphone market, on Friday.

Apple was also boosted by record sales of its Macintosh line of personal computers, which are growing despite a decline in the PC market. The company said Mac sales jumped 21% by units and 18% by revenue. Meanwhile, research firm IDC reported that global PC sales fell by 1.7%.

However, Apple said it sold 12.3m iPads in the period, down from 13.1m a year ago, marking the third straight quarter in which sales declined, compared with the prior year.

Apple reported fiscal fourth quarter net income totaled $8.47bn while revenue rose 12% to $42.12bn from $37.47bn in the same period a year earlier.

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