Apple records quarterly profit of almost €10bn

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Record iPhone sales have helped Apple report profits of $10.7bn (€9.78bn) on revenues of $49bn (€44.78bn) in the past three months.

The quarterly results for the technology giant shows that its signature smartphone remains the crown in the company's jewel, with the long-term prospects of the Apple Watch unclear.

More than 47.5 million iPhones were sold between April and June. Sales normally slow in this period, as shoppers hold off in anticipation of the company's new model, which is typically launched in the autumn.

This figure is a 35% increase on iPhone sales for the same period last year - and more than double the number of handsets sold in the third quarter of 2011.

A move to larger smartphone displays has helped Apple wrestle away market share from competitors who had begun to offer such models many years earlier.

In addition, a quarter of the company's overall revenue in the three months to 27 June came from China - a new market which Apple has found difficult to crack in recent years.

Apple also sold 10.9 million iPads over this period, but the Californian company has failed to disclose how many of its smartwatches were sold - for fear the data could be used by competitors.

Even though the raw statistics seem promising, Apple's stock fell by 6% in late trading after the financial report was published.

The Apple Watch is regarded with great importance by investors, as it is the first major new product that has been launched by the company since the death of its former CEO and founder Steve Jobs in 2011.

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