Mon. Jun 17th, 2019

iPhone 5S and 5C Earn Apple $7.7 Billion Profit!

iPhone 5s and iPhone 5C

The California-based company Apple posted a profit of $7.7 billion on revenue of $37.4 billion in the three months period to June 28, an increase of 11.6% from a year ago.

Apple said it sold 35.2 million iPhone in the quarter, a rise of nearly 13% from the same period a year earlier.

“Our record June quarter revenue was fueled by strong sales of iPhone and Mac and the continued growth of revenue from the Apple ecosystem, driving our highest (earnings per share) growth rate in seven quarters,” Apple chief executive Tim Cook said in an earnings release.

Apple also declared a cash dividend of 47 cents per share of common stock to be paid at the close of business on August 11.

Apple shares slipped less than a per cent to $94.38 in after-market trades that followed the release of the earnings figures.

In a disappointment, Apple said iPad sales fell 9.2% from a year ago to 12.27 million, a figure weaker than most analysts had expected.

The soft demand for iPads also hurt revenues, which were below the consensus forecast of nearly $38 billion.

The earnings release, as expected, contained no hint of any new iteration of the popular iPhone despite numerous reports that Apple is preparing versions with a larger display.

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