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Apple profit beats expectations as iPhone sales rise, iPad falls

Apple [NAS:AAPL] has reported a third-quarter net profit of $US7.7 billion, a 12.3% rise on the year-ago quarter an slightly ahead of the $US7.49 billion analyst consensus.

Revenue was $US37.4 billion, just under the $US37.98 billion analysts expected.

In the year-ago quarter, Apple made $US6.9 billion on $US35.3 billion turnover.

iPhone sales were 35.2 million , down on the Christmas quarter's 43.7 million but ahead of the year-ago quarter's 31.2 million.

iPad sales were 13.3 million — down on both the prior quarter's 16.35 million and the year-ago quarter's 14.6 million. Apple is facing increasing competition from often cheaper-priced Android models in the tablet market, including Samsung's Tab series and Amazon's Kindle Fire.

Mac sales were 4.4 million, up on the year ago' quarter's 3.8 million thanks to stronger MacBook Air sales.

CEO Tim Cook said his company was dealing with a "bifurcated market" with weak growth in the US but strong growth in emerging markets including China.

New products are rumoured later this year, including two models of larger screen iPhone and several models of "iWatch" or wearables. But Apple has offered no details so far and — by mid-conference call at least — its CEO was not dropping any hints today.


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