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 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
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.