Apple profits soar to £23bn on back of iPhone sales

Apple said it had shipped 31.2 million iPhones over the quarter

New York

Solid iPhone sales helped Apple to beat Wall Street expectations last night, with the Californian technology giant surpassing hopes for both quarterly earnings and revenues as investors clamour for new products.

The firm booked $35.3bn (£23bn) in revenues for the three months to the end of June, more than the $35bn figure pencilled in by analysts, and reported $7.47 in earnings per share, against expectations of around $7.32.

Apple said it had shipped 31.2 million iPhones over the quarter, far more than the predicted range of between 26 million and 27 million. The company sold 26 million iPhones during the same period last year.

But despite the rise in units sold, the ASP (average selling price) for iPhones continued to fall, dipping to a new low of $581 from $613. These numbers reflect the consensus of industry analysts that the high-end smartphone market has run its course.

iPad sales were also lower, easing to 14.6 million in the three months to June, against 17 million last year. Mac sales retreated to 3.8 million from 4 million in the same period last year.

While the boost in iPhone sales will cheer many investors, the weakness in iPad shipments could renew concerns about the company’s ability to continue growing in the absence of new product launches. Apple’s chief executive, Tim Cook, has in recent months come under increasing pressure to launch follow-ups to the iPhone and iPad.

Yesterday, he promised to satisfy the demands, saying: “We are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014.”

The lack of recent product launches has weighed on Apple’s share price since last year. Under the stewardship of the late Steve Jobs, the business released a series of groundbreaking products that kept Apple one step ahead of the competition. However, as rivals such as Samsung make inroads into smartphones and tablets, investors have been left wondering about Apple’s next move.

It’s widely suspected that a new products for the end of the year will include a cheaper, plastic-cased iPhone, but recent reports of Apple ordering larger screens for testing also suggest a larger iPad might also be in the works.

Wearable computing in the form of the rumoured iWatch is also expected to feature heavily in Apple’s future product plans. However, news earlier this month that the company had begun hiring “aggressively” to tackle related engineering problems suggests that investors and consumers may be kept waiting some time.

Start your day with The Independent, sign up for daily news emails
ebooks
ebooksAn introduction to the ground rules of British democracy
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs Money & Business

Recruitment Genius: Customer Service Advisor

£15000 - £16000 per annum: Recruitment Genius: Customer Service Advisors are r...

SThree: Trainee Recruitment Consultant

£20000 - £25000 per annum + OTE £45K: SThree: SThree were established in 1986....

Recruitment Genius: Compliance Manager

£40000 - £60000 per annum: Recruitment Genius: A Compliance Manager is require...

SThree: Talent Acquisition Consultant

£22500 - £27000 per annum + OTE £45K: SThree: Since our inception in 1986, STh...

Day In a Page

John Palmer: 'Goldfinger' of British crime was murdered, say police

Murder of the Brink’s-MAT mastermind

'Goldfinger' of British crime's life ended in a blaze of bullets, say police
Forget little green men - aliens will look like humans, says Cambridge University evolution expert

Forget little green men

Leading evolutionary biologist says aliens will look like humans
The Real Stories of Migrant Britain: An Algerian scientist adjusts to life working in a kebab shop

The Real Stories of Migrant Britain

An Algerian scientist struggles to adjust to her new life working in a Scottish kebab shop
Bodyworlds museum: Dr Gunther von Hagens has battled legal threats, Parkinson's disease, and the threat of bankruptcy

Dying dream of Doctor Death

Dr Gunther von Hagens has battled legal threats, Parkinson's disease, and the threat of bankruptcy
UK heatwave: Temperature reaches 39.8 degrees on Central Line - the sweatiest place in London

39.8 degrees recorded on Tube

There's hot (London) and too damn hot (the Underground). Simon Usborne braved the Central line to discover what its passengers suffer
Kitchens go hi-tech: From robot chefs to recipe-shopping apps, computerised cooking is coming

Computerised cooking is coming

From apps that automatically make shopping lists from your recipe books to smart ovens and robot chefs, Kevin Maney rounds up innovations to make your mouth water
Jessie Cave interview: The Harry Potter star has published a feminist collection of cartoons

Jessie Cave's feminist cartoons

The Harry Potter star tells Alice Jones how a one-night stand changed her life
Football Beyond Borders: Even the most distruptive pupils score at homework club

Education: Football Beyond Borders

Add football to an after-school homework club, and even the naughtiest boys can score
10 best barbecue books

Fire up the barbie: 10 best barbecue books

We've got Bibles to get you grilling and smoking like a true south American pro
Wimbledon 2015: Nick Bollettieri - Junk balls and chop and slice are only way 5ft 1in Kurumi Nara can live with Petra Kvitova’s power

Nick Bollettieri's Wimbledon Files

Junk balls and chop and slice are only way 5ft 1in Kurumi Nara can live with Petra Kvitova’s power
Ron Dennis exclusive: ‘This is one of the best McLaren teams ever – we are going to do it’

‘This is one of the best McLaren teams ever – we are going to do it’

Ron Dennis shrugs off a poor start to the season in an exclusive interview, and says the glory days will come back
Seifeddine Rezgui: What motivated a shy student to kill 38 holidaymakers in Tunisia?

Making of a killer

What motivated a shy student to kill 38 holidaymakers in Tunisia?
UK Heatwave: Temperatures on the tube are going to exceed the legal limit for transporting cattle

Just when you thought your commute couldn't get any worse...

Heatwave will see temperatures on the Tube exceed legal limit for transporting cattle
Exclusive - The Real Stories of Migrant Britain: Swapping Bucharest for London

The Real Stories of Migrant Britain

Meet the man who swapped Romania for the UK in a bid to provide for his family, only to discover that the home he left behind wasn't quite what it seemed
Cheaper energy on the way, but it's not all sunshine and rainbows

Cheaper energy on the way, but it's not all sunshine and rainbows

Solar power will help bring down electricity prices over the next five years, according to a new report. But it’s cheap imports of ‘dirty power’ that will lower them the most