Today, Apple reported its third fiscal quarter earnings. This quarter has been an unusual one for them, as Tim Cook led Apple's first acquisition of a stand alone brand, Beats, and decided to join forces with former rival IBM. It looks like the unusual efforts paid off.
Analysts expected Apple to bring in $1.22 per share, as they brought in $1.07 this time last year. Today, the company posted revenue of $37.4 billion, a net profit of $7.7 billion, which is $1.27 per diluted share. Gross margin was 39.4 percent.
Tim Cook, Apple's CEO said,
Our record June quarter revenue was fueled by strong sales of iPhone and Mac and the continued growth of revenue from the Apple ecosystem, driving our highest EPS growth rate in seven quarters. We are incredibly excited about the upcoming releases of iOS 8 and OS X Yosemite, as well as other new products and services that we can’t wait to introduce.”
For iPhone sales, Apple hit 35.2 million, which is up 13 percent from last year, but still below the 36 million analysts expected. iPad sales were down from last year about nine percent at 13.3 million units.