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Apple reports $7.7 billion profit fueled by strong iPhone sales

Jul 22 2014, 10:36pm CDT | by , in News | Apple

Apple reports $7.7 billion profit fueled by strong iPhone sales
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Apple's third quarter revenue is $37.4 billion - up from last year's $35.3 billion. Quarterly net profit is $7.7 billion, an increase from the previous $6.9 billion net profit.

At Apple's financial results conference call, the Cupertino-based technology giant proved to us why the iPhone is still the best in the world. It all boils down to sales, and Apple sold 35.2 million iPhones in the third quarter this year, up by 13 percent from the same period last year.

Analysts predicted around 36 million iPhones, but the milestone is nevertheless affirming for the company that is facing threats from Samsung and other rising Android phone manufacturers.

Interestingly, Apple's international sales accounted to 59 percent of the quarter's revenue ratified by the company's partnership with China Mobile, the largest mobile network operator in the world in terms of subscribers. The strong demand in Brazil, Russia, and India also boosted sales.

Apple's third quarter revenue is $37.4 billion - up from last year's $35.3 billion. Quarterly net profit is $7.7 billion, an increase from the previous $6.9 billion net profit. Meanwhile, the gross margin is 39.4 percent compared to 36.9 percent in the year-ago quarter.

Board of directors announced that it would give a cash dividend of $.47 per share of common stock, payable on August 14, 2014. Apple CEO Tim Cook is expecting a better fourth quarter with the release of iOS 8, OS X Yosemite and new upcoming products like the iPhone 6 and the iWatch.

“Our record June quarter revenue was fueled by strong sales of iPhone and Mac and the continued growth of revenue from the Apple ecosystem, driving our highest EPS growth rate in seven quarters,” Cook said in a statement.

Mac sales were also good in the third quarter. Apple sold 4.4 million Macs, up from 3.8 million last year. The iPad, however, is a different story. iPad sales fell 9.2 percent in the third quarter, selling only 13.3 million units.

 

But Cook isn't worried about the decline. In the interview with the Wall Street Journal, the CEO said that the numbers had something to do with the quarter which ended in June. Cook explained that Macs tend to sell more during the quarter because students prefer buying Macs over iPads

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