29 Oct 2013

Apple sees sales grow, profit shrink

1:58 pm on 29 October 2013

Apple's sales are up but profit is down in its fourth quarter.

The tech-giant's net profit fell nearly 9% percent to $US7.5 billion for the three months to the end of September, compared with the same period last year, but it was ahead of most analysts' forecasts.

Apple sold nearly 34 million iPhones, a record for the quarter, and up 26% compared with last year.

It was the first quarter to include Apple's new 5S and 5C models.

iPad sales inched up to 14.1 million units, a slight rise from the 14 million sold during the same quarter last year.

Apple chief executive Tim Cook says it has been a strong finish to an amazing year.

Nevertheless, Apple's annual net earnings of $US37 billion were down 11%, the first annual decline in 11 years.