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.

Find up to date information on the FTSE 100 and spread betting strategies at City Index

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (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.