Apple’s revenue, profit up as iPhone sales surge
Apple Inc reported higherthan-expected quarterly revenue and profit as sales of iPhones surged 36 percent, driven by the launch of the 6S and 6S Plus models last month.
Apple’s sales in China nearly doubled to $12.52 billion, accounting for nearly a quarter of its total revenue.
The world’s largest company by market value said on Tuesday that it sold about 48.05 million iPhones in the fourth quarter. Analysts on average had expected sales of 48.72 million iPhones, according to a poll by Fortune magazine.
Apple posted record sales of its latest iPhones in the first weekend that they hit stores in late September as it included China sales for the first time.
Many analysts believe that China is poised to replace the United States as Apple’s biggest market.
Apple’s net income rose to $11.12 billion, or $1.96 per share, in the quarter ending Sept 26 from $8.47 billion, or $1.42 per share, a year earlier.
Net sales rose about 22 percent to $51.50 billion.
Analysts on average had expected a profit of $1.88 per share and revenue of $51.11 billion, according to Thomson Reuters I/B/E/S.