Sales of Apple Inc’s iPhone blazed past Wall Street estimates in the third quarter, with U.S. shipments up 51 percent, lifting its stock 5 percent even as profit fell,” Poornima Gupta reports for Reuters.
“The world’s largest technology company said Tuesday that profit fell 22 percent as gross margins fell below 37 percent from more than 42 percent in the year-ago quarter,” Gupta reports. “The company sold 31.2 million iPhones last quarter – far more than the estimated 26 million, and 14.6 million iPads.”
“Chief Financial Officer Peter Oppenheimer said in an interview that iPhone sales rose 51 percent in the United States from a year earlier, and 66 percent in Japan,” Gupta reports “The solid showing eased concerns that growing competition is hurting demand for Apple’s top-selling product as the global smartphone market matures.”
Gupta reports, “Apple’s stock, which has fallen 20 percent since January, rose 5 percent to $437.94 in after-hours trade. It closed at $418.99 on Nasdaq.”
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