The new big-screen iPhones helped propel Apple’s profit and revenue in the past quarter, as the California tech giant delivered stronger-than-expected results.<\/p>\n
Profit rose 13 percent to $8.5 billion, as revenues jumped to $42.1 billion in the fiscal fourth quarter ending September 27, the California-based company reported Monday.<\/p>\n
Apple said it sold more than 39 million iPhones in the quarter, boosted by the launch last month of the large-screen iPhone 6 and 6 Plus, which hit some markets on September 19. That compared with 33.8 million in the same period a year ago.<\/p>\n
The iPhone accounted for more than $23 billion in revenue, more than half of Apple’s overall earnings for the quarter.<\/p>\n
Sales of iPads — which may have been lower ahead of the October launch of new models — fell from a year earlier to 12.3 million, producing some $5.3 billion in revenues.<\/p>\n
Apple also sold 5.5 million Mac computers and 2.6 million iPods in the quarter.<\/p>\n
The results were the best ever for the September quarter, and the fiscal year that just ended “was one for the record books,” chief executive Tim Cook said in a statement.<\/p>\n
Apple, the world’s biggest firm by market value, closed its fiscal year with a profit of $39.5 billion on revenues of nearly $183 billion.<\/p>\n
Trip Chowdhry at Global Equities Research said Apple’s quarterly report “handsomely beats (expectations) on both top line and bottom line.<\/p>\n
“These results validate our investment thesis Apple is a multi-year, multi-product, multi-service and multi-geography growth company.”<\/p>\n
Apple shares rose 1.1 percent to $100.91 in after-hours trade following the results.<\/p>\n
“Apple continues to hit it out of the park,” independent analyst Jeff Kagan said.<\/p>\n
“Apple was showing strong growth, year after year, until a couple years ago. That’s when they fell and that lasted for a while. However Apple now appears to be back.”<\/p>\n
Amit Daryanani at RBC Capital Markets said Apple’s guidance for the key upcoming holiday season was also ahead of most predictions.<\/p>\n
Apple forecast revenue between $63.5 billion and $66.5 billion and gross profit margins between 37.5 percent and 38.5 percent.<\/p>\n
“The big upside driver in the quarter was iPhone units,” Daryanani said, adding that Apple’s forecast “leaves plenty for upside surprises.”<\/p>\n
Apple last month increased the screen size for its new iPhones, yielding to consumer preference and following a trend begun by rivals, including Samsung.<\/p>\n
The iPhone 6 Plus is Apple’s first product in the growing market for “phablet” phones, which are increasingly replacing tablets.<\/p>\n
Apple’s smartphone market share is strong in the US market but globally was less than 12 percent in the second quarter, ahead of the latest launch, according to research firm IDC.<\/p>\n
As appetites for tablet have diminished, Apple’s market share has slipped to 25 percent, compared to 70 percent for the rival Android platform, according to Strategy Analytics.<\/p>\n
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