Apple Q4 profit up on iPhone sales

<p>The tech giant’s revenue was $51.5 billion (£33.6 billion).</p>

Apple has posted revenue up 22 per cent in the three months to September compared with the same quarter last year.

The tech giant's revenue was $51.5 billion (£33.6 billion) during its fourth fiscal quarter, thanks to strong iPhone sales, with more than 48 million handsets sold in the period. It also reported a net income of $11.1 billion in Q3.

"The growth was fuelled by record fourth quarter sales of iPhone, the expanded availability of Apple Watch, and all-time records for Mac sales and revenue from services," the company said.

Apple's sales nearly doubled in China from a year ago to $12.52 billion. The company now has 25 stores in China and is opening a new one every month.

However, sales in the world's second largest economy were down on the previous quarter, when Apple recorded revenues of $13.2 billion. For the current quarter, Apple estimates global sales of between $75.5 billion and $77.5 billion.

13 million Iphone 6 and 6s sold

Last month, the Californian technology giant said it sold more than 13 million iPhone 6s and 6s Pluses during their first weekend on the market, in line with analysts' predictions.

The company beat its 2014 record of 10 million in sales for the previous generation of iPhones in its first weekend.

"Sales for iPhone 6S Plus have been phenomenal, blowing past any previous first weekend sales results in Apple's history," said Apple CEO Tim Cook in a press statement. 

"Customers' feedback is incredible and they are loving 3D Touch and Live Photos, and we can't wait to bring iPhone 6S and iPhone 6S Plus to customers in even more countries on October 9th."

However, Apple remained quiet about the performance of the Apple Watch and the iPad. In the second quarter of the year, the company shipped 10.9 million tablets compared with nearly 13.3 million a year ago.

The company's shares rose slightly in after hours trading today (October 28th), following the release of the company’s financial results. However, shares later dipped below their closing price of $114.55.

Join our live webinars for the latest analysis and trading ideas. Register now

GAIN Capital UK Limited (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.