Apple has announced a rise in profits thanks to increasing sales of its iPhone smartphone devices.
The US firm reported a 12 per cent improvement in its quarterly profits compared to the same period last year. The company managed to record $7.75 billion (£4.5 billion) profits which has been helped by the growing demand for iPhones. Apple sold 35.2 million devices from March to June, an increase of 13 per cent on the same time 12 months earlier.
Apple has benefited from Microsoft's slump which reported a seven per cent drop in profits during Q3. Microsoft has been hampered by the struggles of its Nokia which it purchased in April. The mobile phone manufacturer lost $692 million during the period continuing its faltering performance which has seen it be overtaken by numerous other phone business. Microsoft is expected to cut 12,500 from Nokia as part of its biggest round of job cuts in its history.
While Microsoft has stuttered, Apple has prospered and has seen strong performance in countries such as Brazil, Russia, India, South Africa and China. The latter saw iPhone sales increase by 48 per cent. The only downside for Apple was its iPad tablet computer which saw a second consecutive quarter of declining sales, a drop of nine per cent to 13.3 million.
Tim Cook, Apple’s chief executive officer, said: “Our record June quarter revenue was fueled by strong sales of iPhone and Mac and the continued growth of revenue from the Apple ecosystem, driving our highest EPS growth rate in seven quarters."
All eyes have now turned on what the latest iPhone to come from the Apple production will be like and what new features it will have.
Mr Cook added: "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.”
Apple's share price closed on Tuesday (July 22nd) 0.83 per cent up at 94.72.
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