Higher iPhone sales don't equal higher profits for Apple
The new iPhone 5C is displayed during an Apple product announcement at the Apple campus on September 10, 2013 in Cupertino, California.
Apple is bigger than it has ever been, but for the third consecutive quarter, profits were down. Apple reported a profit of $7.5 billion for the fourth quarter, down from $8.2 billion in the same quarter a year ago. Though iPhone sales were way up after two new phones were introduced last month, iPad sales were flat and Mac sales were down. But overall sales were up, as was revenue when compared to the same quarter in 2012.
"For iPhone sales, what's interesting is, despite the fact that lots of people around the world have smart phones and iPhones, Apple is continuing to be able to grow the iPhone number," says Frank Gillett of Forrester Research.
That iPhone news didn't immediately lift traders spirits. The company's stock was down slightly in after hours trading yesterday.