14 DAY TRIAL // Although Apple posted lower profits in Q3 2013 compared to the same time frame last year, the company sold 31.2 million iPhones last quarter, far more than the 26 million estimated by Wall Street analysts.
The numbers added 5 points to Apple’s shares, bringing the price for a single stake to $437.94 (€330.70) in after-hours trading.
Reuters quotes Shannon Cross of Cross Research as saying that “The iPhone number should provide some comfort to investors who were worried about smartphone demand. That's one of the reasons the stock is up. Expectations were not strong for this quarter.”
The stock climbed despite Apple posting lower profits than the year-ago quarter. iPad sales disappointed as well (only the analysts can call 14.6 million shipped units a disappointment).
The main reason behind the stock boost was, of course, the iPhone, Apple’s flagship product. The numbers posted by the Cupertino behemoth spell a 51 percent increase in sales in the United States from a year earlier. In Japan, it translated into a 66 percent spike.
However, the same thing cannot be said about China, the biggest window of opportunity for profits in the tech industry. Apple’s iPhone isn’t doing so great there, mainly because Tim Cook & Co. have failed to reach the necessary agreements with leading carriers in the country.
CEO Tim Cook said during yesterday’s conference call that “China is a huge opportunity for Apple,” adding, “I don't get discouraged over a 90-day kind of cycle.”
In other words, expect the iPhone to make a splash in the Chinese market sooner rather than later.
The prediction goes hand in hand with a statement from Apple’s Chief Financial Officer, Peter Oppenheimer, who remarked, “We are on track to have a very busy fall.”
This fall, Apple plans to unleash an army of new products, according to several high-profile sources in the tech industry. Among those new products are said to be two separate iPhone upgrades, including one that’s more affordable than previous versions.