Apple shares up as iPhone sales surge

<p>Shares in Apple were up by five per cent.</p>

The share price of Apple is up on the back of the firm announcing sales data for its flagship iPhone smartphone that beat expectations.

Stocks were up by around five per cent after the firm revealed that it made $6.9 billion (£4.5 billion) in profits for three months to June

However, the company admitted that its profit was down 22 per cent from the same period a year earlier, due to the fact that its profit margins fell to 36.98 per cent from 42.8 per cent.

Apple said it sold 31.2 million iPhones, which is a record for the second quarter of the year. Last year, the company only sold 26 million of the devices.

"The iPhone number should provide some comfort to investors who were worried about smartphone demand," said Shannon Cross of Cross Research, explaining this is why the share price of the company is up.

Some investors have been worried about how the death of Apple visionary Steve Jobs would affect the future of the company.

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