Apple results beat expectations as iPhone sales soar
The Daily Telegraph
Published: 24th July 2013 07:18 PM
Last Updated: 24th July 2013 07:19 PM
The Cupertino technology giant notched up $35.3bn (£23bn) of sales, $300m ahead of the same period the previous year and $200m ahead of analysts’ forecasts. Net profit stood at $6.9bn, down nearly 22pc from $8.8bn last year.
The figures mark a slowdown for Apple, but shares in the company jumped as much as 5pc in after-hours trading amid relief that the company’s growth had not come screeching to a sudden halt.
Although iPad sales fell, sales of its iPhones jumped to 31m - 5m more than analysts had forecast - confounding reports that it was slashing orders because of slowing demand for the device.
The figures were buoyed by sales of its older, cheaper devices such as the iPhone 4 in the developing world, but Apple chief executive Tim Cook said he thinks there is still considerable demand for its top-end products, despite intensifying competition from cheaper rivals.
He also intimated that the company could be on the brink of a major new product launch, saying that it was set to have a “busy” end to the year.