Iphone sales grow, Apple reports third quarter record

Apple reports record third quarter sales, but following quarter anticipated to be sluggish

Photo by: AFP
Photo by: AFP

Updated Jul 28, 2015

Apple has set a record high third-quarter revenue, with iPhone sales surging, however the next three months look bleak.

Following the gloomy prediction, Apple shares fell 8 percent immediately.

The innovative tech company raised a record returns and had a lot to celebrate after profits rose by 38 percent to $10.7 billion due to plentiful sales of iPhones and MacBook’s.

Revenue sparked up by 33 percent to $49.6 billion, Apple CEO Tim Cook said the third quarter was "an amazing quarter."

Cook also noted on the success of the firm's most recent piece of technology, the wearable Apple watch and said sales of the product indicate  ‘‘great start.’’

The tech. giant did not release any details in relation to the sales progress of the watch, which was put on the shelves earlier this year on April 24

The Apple CEO said releasing information on sales figures of the watch may create a competitive advantage for rivals, providing inside information.

Shares fell sharply immediately after a poor fourth quarter prediction dropping 10 dollars to 120.85 in New York.

Apple expect a revenue for the next quarter to be between $49 billion and $51 billion, a drop from the average$ 51.1 billion estimate by forecasters.


TRTWorld and agencies