Apple earnings increases after strong iPhones sales

Tech giant Apple reported Tuesday a 6 percent increase to $37.4 billion in quarterly revenue after selling 35.2 million iPhones.

Apple earnings increases after strong iPhones sales

World Bulletin / News Desk

Tech giant Apple reported Tuesday a 6 percent increase in quarterly revenue to $37.4 billion compared to the same quarter a year ago after selling 35.2 million iPhones from April through June.

Apple reported a net profit of $7.7 billion compared to revenue one year ago of $35.3 billion and profit of $6.9 billion.

Apple also announced a 47-cent per common-stock share dividend, payable August 14. The company's cash stock rose to $164.5 billion, more than the central bank reserves of 160 different countries.

Tim Cook, Apple's CEO, praised the company's results in a statement.

"We are incredibly excited about new products and services that we can’t wait to introduce,” he said.

Apple's shares dropped slightly after the earnings report.

The company is seeing strong demand in emerging countries such as China and India. In January, Apple announced a deal to make the iPhone available for sale to China Mobile's 760 million customers.

China is an increasingly vital market for the company, However, early this month, China's state-run broadcaster called the iPhone a "national security concern" because of its location tracking features.

In response, Apple said it does not participate nor does it condone any act of spying using its products. Apple’s revenue in China grew 28 percent from a year ago.

Apple said that sales of its iPad tablet products fell for the second quarter in a row, a decrease of 9 percent to 13.3 million.

For the current quarter, Apple forecast revenue between $37 and $40 billion, and estimated operating expenses at between $4.7 and $4.85 billion.

Apple has launched a new phone in September since 2012 and experts are expecting new phones with bigger screens like rival Samsung´s phones.

Last Mod: 23 Temmuz 2014, 10:19
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