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Apple posts record third-quarter as iPhone sales surge
Apple has reported another jump in profits as demand for iPhones soared, but its shares fell in after-hours trading after revenue forecasts disappointed analysts.
The technology giant sold 47.5 million iPhones in the quarter to 27 June, up 35% on a year ago, with Mac computer sales up 9% to 4.8 million.
Chief executive Tim Cook called it "an amazing quarter".
Profits rose 38% to $10.7bn (£6.87bn), while revenue was up 33% to $49.6bn.
The third quarter is typically the slowest for iPhone sales because many customers put off buying new phones, on the expectation of a new model.
Despite the strong results, shares fell 6.7%, or $8.85, to $121.89 in after-market trading in New York.
Analysts blamed the fall on disappointment about the company's revenue forecasts for the fourth quarter, which were slightly lower than expected, as well as the firm's profits being too heavily dependent on the iPhone.
Apple is forecasting revenue to be between $49bn and $51bn in the fourth quarter.
'Great start' for Watch
Demand for its iPad tablets remained weak, with Apple selling 10.9 million, down 18% from a year earlier.
But Mr Cook also said the Apple Watch had had a "great start", in the first indication of how well the company's first piece of wearable technology was selling.
The Apple boss said last autumn that he did not want to reveal detailed figures for the watch, which went on sale on 24 April, to avoid giving competitors inside information.
But Apple said that revenue from "other products", which includes the watch as well as products such as the iPod and its Beats headphones, came to $2.6bn - about $952m higher than the previous quarter.
Chief financial officer Luca Maestri said that revenue from the watch amounted to "well over'" that $952m increase.
Sales of the watch in the first nine weeks had exceeded those of both the iPhone and iPad after they were first launched, he added.
And Apple said its gross margin - the difference between the amount it spends on making the products versus how much consumers pay - was 39.7%, up slightly on a year ago.
Apple also continued to do well in the China market - defined by Apple as China, Hong Kong and Taiwan.
Sales doubled year-on-year and accounted for more than a quarter of the company's total third-quarter sales.
iPhone 'dependence'
The jump should help to reassure investors that demand in China remains robust despite fears the market is close to saturation point.
But Colin Gillis, an analyst for BGC Partners, told the BBC that the firm's "complete dependence" on iPhone sales and growth in China was still a concern.
"Look at the PC market. People ask if that could ever happen to smartphones. Of course it could. And there are risks associated with its dependence on China," he said.
However, Mr Gillis said that investors should put the results into perspective.
"Overall the results are stunning - it's made $10bn in profit. But Apple is an outlier in many metrics, so you need to look at the performance relative to expectations," he said.
The iPhone 6 and 6 Plus, which smashed iPhone sales records when they were launched last year, are now 10 months old.
- Entrance Exam Questions Of Class 11 (biology )
Question Option1 Option2 Option3 Option4 Answer Tapeworm has no digestive system because: it is a parasite it lives in intestine it doesn’t need food it absorbs its food from general body surface 4 Flatworms are devoid of: Circulatory...
- Entrance Exam Questions Of Class 11 (physics )
Question Option1 Option2 Option3 Option4 Answer Total internal reflection can occur when lights passes from: a denser to rarer medium a rarer to denser medium one medium to another of equal refractive index medium to another of equal absorption...
- Modern History Of Apple Cider
Cider was known and consumed in much of Europe in the 3rd century. In France, Charlemagne enforced laws to promote and control the manufacturer and production of cider. The first written evidence of cider in the United Kingdom comes from Norfolk, England,...
- History Of Soft Drink Fanta
Fanta is manufactured by Coca Cola for international markets. It is best known as orange soda, although it comes in grape, lemon, lime and other flavors. Fanta was born in the austerity of post-war Germany, when the Coca-Cola Company had to use sugar...
- Jc Penny Early History
James Cash Penny started his business as a partner with two other men in a dry goods and clothing store in Kemmerer. The name of the store was The Golden Rule. By 1912 there were 34 Golden Rule stores, but the following year it was incorporated to JC...