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Apple Revenues Up 12% After iPhone Launch

[October 20, 2014]

Apple Revenues Up 12% After iPhone Launch

(Sky News (UK) Via Acquire Media NewsEdge) Apple has posted a 12% jump in revenue - exceeding expectations following its best ever iPhone launch.

Sales of the smartphone hit 39.27 million in the quarter ending in September, up 16% on last year.

This surpassed the roughly 38 million some on Wall Street had expected, and excluded sales in China, its largest market outside of the United States.

The new iPhone 6 and 6 Plus models went on sale last month and have already surpassed the previous-generation model in volumes, according to chief financial officer Luca Maestri.

This helped Apple record sales of $42.12bn (£25bn) and profits of $8.5bn (£5.2bn).

"Our fiscal 2014 was one for the record books, including the biggest iPhone launch ever with iPhone 6 and iPhone 6 Plus," Tim Cook, Apple's CEO, said.

"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." However, the iPad continued to struggle amid a general decline in tablet sales.

The device slid more than 7% to 12.3 million units.

Apple hopes its recent alliance with IBM will help drive more tablet and phone sales to corporate customers.

Shares in Apple were roughly flat at about $100 (£62) in after-hours trade.

(c) Sky News 2014

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