Financial News

  • 29 January 2014, 7:28

iPhone Sales Drive Record Apple Revenue

The release of Apple's iPhone 5s and iPhone 5c have helped drive record revenue figures for the tech giant, the company's quarterly results show.

Apple's revenues rose to $57.6bn (34.7bn) for the last three months of 2013, which is a new quarterly record.

The figures reveal that Apple also made profits of $13.1bn (7.9bn) over the same period on the back of strong iPhone sales - matching record profits set a year ago.

Last year also saw the release of the iPad Air and iPad mini, products which have helped the tech giant reverse a recent profit slump.

The company sold some 51 million iPhones over the period, and a further 26 million iPads.

Apple also sold 4.8 million Macs, compared with 4.1 million over the same quarter in 2012.

Tim Cook, Apple chief executive, said: "We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, software and services.

"We love having the most satisfied, loyal and engaged customers, and are continuing to invest heavily in our future to make their experiences with our products and services even better."

Despite the strong performance, Apple has forecast revenue below analysts' predictions for the current quarter, amid concerns that it will be squeezed by competition from devices running Google's Android software.

Apple's share price fell 8% to $505.05 in extended trading.

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