“Apple Inc. said quarterly profit rose 12 percent to $7.75 billion, with a jump in iPhone and Mac sales helping to make up for a drop in iPad demand,” Adam Satariano reports for Bloomberg.

“Apple sold 35.2 million iPhones and 4.4 million Macs, up 13 percent and 18 percent respectively. That helped boost revenue by 6 percent to $37.4 billion in the fiscal third quarter ended June 28,” Satariano reports. “iPad sales fell for the second straight quarter, to 13.3 million, the company said in a statement today.”

“The results were mostly in line with analysts’ estimates and weren’t the blowout that investors have come to anticipate from the company. Apple is also approaching one of its most critical product rollouts in years. After facing questions about whether it can build breakthrough products without co-founder Steve Jobs, Apple is prepping new bigger-screen iPhones, a wearable gadget and an upgrade to its Apple TV set-top box, people familiar with the plans have said,” Satariano reports. “‘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,’ Cook said in the statement, referring to Apple’s new software… The drop in iPad sales is attributable to a market slowdown in the U.S. and Western Europe, Maestri said. IPad sales rose in developing countries like China, where sales grew 51 percent during the quarter, and India, where they rose 45 percent, Chief Financial Officer Luca Maestri said.

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