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| Apple earnings beat on strong iPhone sales- but iPad volumes slip | |
| (about 7 hours later) | |
| Apple’s latest quarterly performance beat Wall Street’s expectations on Monday and the world’s biggest company by stock market value also gave a strong outlook for the crucial holiday sales quarter coming up. | Apple’s latest quarterly performance beat Wall Street’s expectations on Monday and the world’s biggest company by stock market value also gave a strong outlook for the crucial holiday sales quarter coming up. |
| On the day that Apple officially launched its Apple Pay digital payments system, the company reported a 12 per cent increase in revenue to more than $42 billion for the period ended September 27 amid increased sales for some of its main products including iPhones and Mac computers. iPad sales, however, slowed. | On the day that Apple officially launched its Apple Pay digital payments system, the company reported a 12 per cent increase in revenue to more than $42 billion for the period ended September 27 amid increased sales for some of its main products including iPhones and Mac computers. iPad sales, however, slowed. |
| In the quarter, Apple sold 39.2 million iPhones, 12.3 million iPads, and 5.5 million Macs. | In the quarter, Apple sold 39.2 million iPhones, 12.3 million iPads, and 5.5 million Macs. |
| Apple handsomely beat analysts’ forecasts by posting quarterly revenue of $42.1 billion and net profit of $8.5 billion, or $1.42 per share, up from revenue of $37.5 billion and net profit of $7.5 billion, or $1.18 per share, in the year-ago quarter. | Apple handsomely beat analysts’ forecasts by posting quarterly revenue of $42.1 billion and net profit of $8.5 billion, or $1.42 per share, up from revenue of $37.5 billion and net profit of $7.5 billion, or $1.18 per share, in the year-ago quarter. |
| Apple gave guidance that revenue for the current quarter will be between $63.5 billion and $66.5 billion, higher than many analysts had been forecasting. Apple shares rose in after hours trading in New York. | Apple gave guidance that revenue for the current quarter will be between $63.5 billion and $66.5 billion, higher than many analysts had been forecasting. Apple shares rose in after hours trading in New York. |
| “Our fiscal 2014 was one for the record books, including the biggest iPhone launch ever with iPhone 6 and iPhone 6 Plus,” said Apple chief executive Tim Cook. | “Our fiscal 2014 was one for the record books, including the biggest iPhone launch ever with iPhone 6 and iPhone 6 Plus,” said Apple chief executive Tim Cook. |
| “With amazing innovations in our new iPhones, iPads and Macs, as well as iOS 8 and OS X Yosemite, we are heading into the holidays with Apple’s strongest product lineup ever. | “With amazing innovations in our new iPhones, iPads and Macs, as well as iOS 8 and OS X Yosemite, we are heading into the holidays with Apple’s strongest product lineup ever. |
| “We are also incredibly excited about Apple Watch and other great products and services in the pipeline for 2015.” | “We are also incredibly excited about Apple Watch and other great products and services in the pipeline for 2015.” |
| Apple has been under pressure from activist shareholder Carl Icahn to speed up and increase its massive share buyback programme. | Apple has been under pressure from activist shareholder Carl Icahn to speed up and increase its massive share buyback programme. |
| In April, Apple increased its share repurchase authorisation to $90bn from the $60bn announced last year, with Apple calling it “the largest single share repurchase authorization” in history. | In April, Apple increased its share repurchase authorisation to $90bn from the $60bn announced last year, with Apple calling it “the largest single share repurchase authorization” in history. |
| Luca Maestri, Apple’s chief financial officer, said on Monday: “We continued to execute aggressively against our capital return program, spending over $20 billion in the quarter and bringing cumulative returns to $94 billion.” | Luca Maestri, Apple’s chief financial officer, said on Monday: “We continued to execute aggressively against our capital return program, spending over $20 billion in the quarter and bringing cumulative returns to $94 billion.” |
| Maestri added: “Our strong business performance drove EPS (earnings per share) growth of 20 percent and a record $13.3 billion in cash flow from operations in the September quarter.” | Maestri added: “Our strong business performance drove EPS (earnings per share) growth of 20 percent and a record $13.3 billion in cash flow from operations in the September quarter.” |