Apple delivers juicy profits with bumper crop of iPhone sales
Apple regained its mojo over the third quarter after sales of its flagship iPhone comfortably beat analysts’ expectations, lifting its stock price by 6% in the process to an all-time high of $159.10.
Apple delivers juicy profits with bumper crop of iPhone sales
Over the period iPhone sales rose 1.6% to reach 41.03m, well ahead of consensus expectations of 40.7m devices – giving the Cupertino based firm the confidence to boost sales forecasts for the fourth quarter to as high as $52bn.
The surprise surge puts Apple in the strongest position possible ahead of the launch of its long awaited 10th anniversary phone with sales, revenues and earnings per share all heading through the roof having unleashed 1.2bn iPhones into the wild since the products first launch.
Despite the boost in sales Apple’s iPhone revenue actually fell below expectations of $25.5bn at £24.4bn, driven south by a lower than expected average sale price of $606 versus $621.
Apple is widely expected to release the latest iteration of its must-have gadget in September, luring new and existing customers with the prospect of a high-resolution OLED screen, wireless charging and an enhanced touchscreen to mark the devices 10th anniversary as an indispensable pocket companion.