Apple has recorded to rise in earnings thanks to increasing sales of the new iPhone 6.
The tech giant reported third-quarter earnings of $8.47 billion (£5.24 billion), a 13 per cent boost from the same period 12 months earlier. The result exceeded the expectation of many analysts and was aided by the popularity of the iPhone 6 smartphone. The handset has helped towards an increase in overall iPhone sales which reached 39.3 million.
While the iPhone was continuing to sell in large volumes, Apple's iPad endured a disappointing period with 12.3 million sold, down from the 13.1 million recorded a year earlier. Shares in Apple grew by 2.14 per cent to 99.76 as of 19:59 ET on Monday (October 20th).
Tim Cook, Apple's chief executive officer, said in a statement: "Our fiscal 2014 was one for the record books, including the biggest iPhone launch ever with iPhone 6 and iPhone 6 Plus.
"With amazing innovations in our new iPhones, iPads and Macs, as well as iOS 8 and OS X Yosemite, we are heading into the holidays with Apple’s strongest product lineup ever."
Apple unveiled the iPhone 6 earlier in the year, alongside its latest piece of innovation – the Apple Watch. The wearable technology is designed to act as "personal assistant" with each device fitted with the company's Siri functionality. It also connects to a person's iPhone allowing its provide notifications and show map as well as acting as a heat monitor.
Mr Cook highlighted the Apple Watch as one of the key products for its 2015 portfolio and one that the company is "incredibly excited about". The smart watch will be the headline new product in Apple's offering next year.
Apple is expecting to generate between $63.5 billion and $66.5 billion in 2015 with a gross margin of between 37.5 per cent and 38.5 per cent.
Find up to date information on spread betting strategies at City Index
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.