Apple Surprises Wall Street Thanks to Robust iPhone Sales

Apple netted $6.9 billion in profits during its third fiscal quarter

Last Updated: July 24, 2014 @ 11:47 AM

Strong iPhone sales helped Apple beat analyst expectations for its third fiscal quarter on Tuesday, posting quarterly revenue of  $35.3 billion and profits of $6.9 billion. The company also reported earnings per share of $7.47. Analysts had predicted revenue of $35.01 billion and EPS of $7.32

Apple sold 31.2 million iPhones, a record for this fiscal quarter and an increase of almost 20 percent from a year before. iPad sales slumped, as Apple sold 14.6 million as compared to 17 million a year before.

“We are especially proud of our record June quarter iPhone sales of over 31 million and the strong growth in revenue from iTunes, Software and Services,” Apple CEO Tim Cook said in a staement. “We are really excited about the upcoming releases of iOS 7 and OS X Mavericks, and we are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014.”

Apple remains one of the most profitable companies in the world, yet the company's revenue and profit totals declined from last year, reflecting the continued slowdown of the company's once irrepresible financial health growth.

Apple's share price has taken a beating all year — down close to 20 percent to date — but it rose five percent in after-hours trading after news of the earnings.

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