Apple reports record Q3 financial results

Apple CEO Tim Cook

iPhone sales up 35 per cent as profits soar 38 per cent and revenues increase by a third

Apple has posted record Q3 financial results, with iPhone sales up by more than a third from last year.

The technology giant sold 47.534 million iPhones in the three months ending June 27, an increase of 35 per cent from Q3 2014. iPhone revenue was up by 59 per cent to $31.37 billion.

This was however down by almost a quarter (22 per cent) from the previous quarter but Q3 is traditionally the slowest quarter for Apple as consumers hold off buying in anticipation of a new model in September.

Profits were up 38 per cent year-on-year to $10.7 billion, while revenue also soared by a third (33 per cent) to $49.6 billion.

Revenue in Europe increased 19 per cent to reach $10.34 billion. Gross margin was 39.7 per cent compared to 39.4 per cent from a year ago.

Elsewhere, iPad sales continued to fall. Apple sold 10.931 million units in Q3 – down 13 per cent sequentially and 18 per cent year-on-year. iPad revenue fell 16 per cent from Q2 and 23 per cent from Q3 2014 to $4.54 billion.

Apple however did not release sales figures for the Apple Watch, which went on sale globally in April, but CEO Tim Cook (pictured) said it had a “great start.”

“We had an amazing quarter, with iPhone revenue up 59 per cent over last year, strong sales of Mac, all-time record revenue from services, driven by the App Store, and a great start for Apple Watch.”