The company’s third quarter results
showed that there is still considerable mileage to be had in the
existing line up. Sales if its iPad devices fell, but company sold 5m
more iPhones than expected. Photo: EPA
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.
estors that Apple has
lost its innovative drive.
Less than a year ago, Apple was the biggest listed company in the world, with
a share price that briefly topped the $700 mark last September.
However, its stock has since tumbled to $418.99, amid concerns that Apple has lost the innovative drive that for a few years appeared to give Apple the Midas touch.
The company transformed the music market with its iPod player, and then repeated that trick with the iPhone and the iPad, which revolutionised the markets for smartphones and tablets respectively.
Analysts hope it will do the same with a television or wearable technology such as an iWatch.
Shares in Apple rose 5pc in after-hours trade.
However, its stock has since tumbled to $418.99, amid concerns that Apple has lost the innovative drive that for a few years appeared to give Apple the Midas touch.
The company transformed the music market with its iPod player, and then repeated that trick with the iPhone and the iPad, which revolutionised the markets for smartphones and tablets respectively.
Analysts hope it will do the same with a television or wearable technology such as an iWatch.
Shares in Apple rose 5pc in after-hours trade.
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