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Apple posts record sales, but disappoints

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Apple posted quarterly revenue of $49,6-billion and quarterly net profit of $10,7-billion, or $1.85 per diluted share for its fiscal 2015 third quarter ended 27 June 2015.

These results compare to revenue of $37,4-billion and net profit of $7,7-billion, or $1.28 per diluted share, in the year-ago quarter.

Gross margin was 39,7% compared to 39,4% in the year-ago quarter. International sales accounted for 64% of the quarter’s revenue.

The growth was fueled by record third quarter sales of iPhone and Mac, all-time record revenue from services and the successful launch of Apple Watch.

Apple still disappointed Wall Street, however, and its share price took a pounding, dropping 10% at one point.

“We had an amazing quarter, with iPhone revenue up 59% over last year, strong sales of Mac, all-time record revenue from services, driven by the App Store, and a great start for Apple Watch,” says Tim Cook, Apple’s CEO. “The
excitement for Apple Music has been incredible, and we’re looking forward to releasing iOS 9, OS X El Capitan and watchOS 2 to customers in the fall.”

“In the third quarter our year-over-year growth rate accelerated from the first half of fiscal 2015, with revenue up 33% and earnings per share up 45 percent,” says Luca Maestri, Apple’s CFO. “We generated very strong operating cash flow of $15-billion, and we returned over $13-billion to shareholders through our capital return programme.”