Apple Posts $7.7 Billion in Profit on Strong iPhone Sales
For Apple, the iPhone continues to be the gadget that makes the company tick. Sales for the handset grew even in a time of year when smartphone sales are expected slow.
Apple, based in Cupertino, Calif., reported on Tuesday a profit of $7.7 billion, up from $6.9 billion in the same quarter a year earlier. The company also reported revenue of $37.4 billion, up from $35.3 billion compared to the quarter a year ago. Strong sales of iPhones and Macs fueled the growth, the company said.
“We are incredibly excited about the upcoming releases of iOS 8 and OS X Yosemite, as well as other new products and services that we can’t wait to introduce,” said Timothy D. Cook, Apple’s chief executive, in a statement.
Apple earlier this year reached a deal to sell iPhones with China Mobile, the largest wireless network in the world. The partnership so far has resulted in healthy growth for the Silicon Valley company in China, an increasingly vital market for the company, especially now that the smartphone markets in the United States and parts of Europe have become saturated.
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http://www.nytimes.com/2014/07/23/technology/apple-reports-7-7-billion-profit-in-third-quarter.html?emc=edit_na_20140722
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