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Strong iPhone sales bolster Apple in marketplace

By Catholic Online (NEWS CONSORTIUM)
July 24th, 2013
Catholic Online (www.catholic.org)

Apple has received a boost in the marketplace with better-than-expected earnings. These figures were aided by strong sales of iPhones, boosting the sagging share price of the maker of the iPhone and iPad.

LOS ANGELES, CA (Catholic Online) - The profit of $6.9 billion was down 22 percent from last year, translating to $7.47 per shares, ahead of Wall Street projections.

The Silicon Valley tech giant reported revenues of $35.3 billion in the quarter ending in June, helped by sales of 31.2 million iPhones, a record for the June quarter.

 
The resilient tablet, iPad sales were somewhat disappointing - however, at 14.6 million compared with 17 million in the same period a year ago.


Apple shares jumped nearly five percent in after-hours trade to $439.70 billion, helping a stock which has tumbled from last year's high above $700.


"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 chief Tim Cook says.


"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 is expected to unveil Smartphones and tablets in the coming months with bigger screens. Analysts say that this is an attempt to catch up with a trend set by its major rival Samsung.


Rumors of new Apple unveilings include an "iWatch" wrist computer, an improved Apple TV and lower-priced version of iPhone for developing markets such as China.


According to Apple chief financial officer Peter Oppenheimer, Apple generated $7.8 billion in cash flow from operations in the recent quarter and paid stockholders $18.8 billion through dividends and repurchasing shares.


Still held in high esteem for its trend-setting devices, Apples has been losing market share in Smartphone's and tablets, mainly to companies using the Google Android operating system.

 

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