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Apple profit climbs along with iPhone sales

However, iPad sales fell 9.2 percent from a year ago to 12.27 million.

Image: Ed Ou/AP/Press Association Images

APPLE HAS REPORTED that its quarterly profit climbed with strong iPhone demand, but a decline in iPad tablet sales put a damper on its results.

The California-based company 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 percent from a year ago.

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

In an earnings release, Apple chief executive Tim Cook said:

“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 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 percent to $94.38 in after-market trades that followed release of the earnings figures.

In a disappointment, Apple said iPad sales fell 9.2 percent 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.

Smartwatch 

A US patent made public today bolstered rumors that Apple has designs on a smartwatch.

The patent describes an wrist band, possible with a touch screen, configured to connect wirelessly to a mobile device such as a smartphone.

Disclosure of the patent added fuel to talk that California-based Apple intends to weigh into the blossoming wearable computing market with a smart watch.

Apple has remained tight-lipped about product plans, but Cook has stated repeatedly that impressive new products were in the works, and that he sees the wrist as a preferred spot for a wearable computing gadget.

© AFP, 2014

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