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Apple's Third-quarter Earnings: $7.7B in Profit, Sales of 35.2M iPhones, 13.3M iPads

RaduTyrsina

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Yesterday, Apple has announced its earnings results for the just-concluded June quarter. The company has fell short of expectations with $7.7 billion in profit on sales of 35.2 million iPhones and 13.3 million iPads. Apple has registered a double-digit-percentage growth of its iPhone sales, 12.7%, which have reached 35.2 million units.

However, Apple doesn't seem to have found yet a solution for the declining sales for its iPad lineup. Nonetheless, Apple has managed to achieve a new record revenue of $37.4 billion and $7.7 billion in profit, mainly being driven by growing iPhone sales.

Apple's profits rose 12.3 percent from the June 2013 quarter, but despite beating a new record, total iPhone sales did disappoint some investors. Mac sales fared surprisingly well for Apple, probably thanks to new lower-priced refreshes of the MacBook Air and iMac lineup. Sales were up 17.6 percent to 4.4 million units, which represents an increase from 3.8 million last year.

iPad sales were down for the second consecutive quarter, hitting 13.28 million units in the three-month period. This represents a decline of 9.2 percent from the 14.6 million volume Apple managed to ship in the same period last year. Tim Cook, Apple's CEO, said the following during the call:

"Our record June quarter revenue was fueled by strong sales of iPhone and Mac and the continued growth of revenue from the Apple ecosystem, driving our highest EPS growth rate in seven quarters. We are incredibly excited about the upcoming releases of iOS 8 and OS X Yosemite, as well as other new products and services that we can't wait to introduce."

Luca Maestri, Apple's new CFO, also added his input:

"We generated $10.3 billion in cash flow from operations and returned over $8 billion in cash to shareholders through dividends and share repurchases during the June quarter. We have now taken action on over $74 billion of our $130 billion capital return program with six quarters remaining to its completion."

Ahead of the fiscal 2014 fourth quarter, Apple is projecting the following:

Revenue between $37 billion and $40 billion
Gross margin between 37 percent and 38 percent
Operating expenses between $4.75 billion and $4.85 billion

Source: Apple
 

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