iPhone does it again for Apple, Q3 profits beat analyst estimates

Apple Inc's quarterly revenue and earnings beat Wall Street's targets on surprisingly strong sales of its flagship iPhone, sending its shares up 4 percent.

FP Archives|Dec 20, 2014, 22:24:39 IST

San Francisco: Apple Inc'squarterly revenue and earnings beat Wall Street's targets on surprisingly strong sales of its flagship iPhone, sending its shares up 4 percent.

But profit slid 22 percent in its fiscal third quarter as margins were pressured by growing competition and a wider array of lower-end devices such as older smartphones.

Apple earned $6.9 billion, or $7.47 a share, on revenue of $35.3 billion. That compared with a profit of $8.8 billion, or $9.32 a share, on revenue of about $35 billion in the year-ago quarter.

Wall Street's average forecast was for revenue of $35.02 billion and earnings per share of $7.32, according to Thomson Reuters I/B/E/S.

Reuters

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