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Apple Announces Strong Financial Results For Q3

CUPERTINO, CA (CelebrityAccess) — On Tuesday, Apple announced their financial results for the third fiscal quarter of 2015, reporting quarterly revenue of $49.6 billion and quarterly net profit of $10.7 billion. These results compare to revenue of $37.4 billion and net profit of $7.7 billion, in the year-ago quarter.

Gross margin was 39.7 percent compared to 39.4 percent in the year-ago quarter. International sales accounted for 64 percent of the quarter’s revenue.

The company's growth was fueled by the launch of the latest instalment of the company's popular iPhone, with smartphone sales making up a full 69% of Apple's total revenue. The quarter also saw the launch of the much feted iWatch, but the company declined to elaborate on sales figures for the device.

Despite the strong earnings report, Apple's Q3 proved a disappointment to many analysts who had been expecting stronger iPhone sales. According to Bloomberg, a consensus of analysts had predicted that Apple would sell 49 million handsets in the quarter, well over the 47.5 million phones that the company says it sold. As well, slide in iPad sales continues for Apple with the company reporting a decline of 18% in Q3, the sixth straight quarter of year-over-year declines.

Apple's stock took a pummelling following the earnings report, down by almost 5% on Wednesday. – Staff Writers