Apple Inc. Q3 profit rises 12 percent to $7.75B

Nathan Andrada – Fourth Estate Cooperative Contributor

San Francisco, CA, United States (4E) – Apple Inc. reported a 12 percent increase in quarterly profit to $7.75bn, as higher sales for iPhone and Mac helped lift the bottom line despite a decline in demand for iPad.

In the fiscal third quarter ended June 28, sales of iPhones reached 35.2 million units and 4.4 million Macs were sold, an increase of 13 percent and 18 percent respectively from the previous year.

The result boosted revenue by 6 percent to $37.4bn. Sales of the iPad dropped for the second quarter in a row to 13.3 million, according to the statement by the Cupertino, Calif.-based company released Tuesday.

The data suggest that Apple is withstanding competition from rival smartphone makers such as Samsung Electronics Co.

Apple posted higher profit for the second straight quarter after recording an annual decline last year, which was the first in at least a decade. The company forecast net income to be $7.5bn, or $1.23 per share, on sales of $37.9bn.

Apple also predict sales to be at $37bn to $40bn in the fiscal fourth quarter, compared with analysts’ estimates of $40.6bn. Gross margin is expected to be at 37 percent to 38 percent, compared with analysts’ view of 37.5 percent.

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