Revenue up and profit down as Apple posts growing iPhone sales and declining iPad numbers

Apple has posted higher than expected profit amidst growing sales of its iPhone 5.

Net profit hit $6.9bn, a 22 per cent year-on-year decline compared to same quarter last year. Revenue grew slightly from $35bn last year to $35.5bn. Average sale price fell from $608 to $581.

It sold 31.2m iPhones in the period, breaking records for its June quarter and smashing last year’s 26m sales. iPad sales fell from 17m to 14.6m, although double-digit growth was still reported in some regions. Mac sales also fell slightly from 4m to 3.8m.

Chinese sales saw an overall decline of four per cent possibly due to the lower average smartphone selling price in the region.

We are especially proud of our record June quarter iPhone sales of over 31m and the strong growth in revenue from iTunes, Software and Services,” boss Tim Cook stated.

We are really excited about the upcoming releases of iOS 7 and OS X Mavericks, and we are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014.”

Apple’s share price jumped five per cent following the report.