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| Apple earnings beat expectations on strong iPhone sales | Apple earnings beat expectations on strong iPhone sales |
| (35 minutes later) | |
| Apple reported third-quarter earnings of $8.47bn (£5.24bn), a 13% rise from the same period a year earlier, beating analysts' expectations. | Apple reported third-quarter earnings of $8.47bn (£5.24bn), a 13% rise from the same period a year earlier, beating analysts' expectations. |
| Profits at the technology giant were helped by sales of its new iPhone 6 models, which were on sale for ten days during the three-month period ending 30 September. | Profits at the technology giant were helped by sales of its new iPhone 6 models, which were on sale for ten days during the three-month period ending 30 September. |
| Total iPhone sales numbered 39.3m. | Total iPhone sales numbered 39.3m. |
| However sales of Apple's iPad disappointed, with 12.3m sold, down from 13.1m a year earlier. | However sales of Apple's iPad disappointed, with 12.3m sold, down from 13.1m a year earlier. |
| "Our fiscal 2014 was one for the record books, including the biggest iPhone launch ever with iPhone 6 and iPhone 6 Plus," said Apple chief executive Tim Cook in a statement accompanying the earnings report. He added that he was optimistic for the crucial holiday quarter coming up. | "Our fiscal 2014 was one for the record books, including the biggest iPhone launch ever with iPhone 6 and iPhone 6 Plus," said Apple chief executive Tim Cook in a statement accompanying the earnings report. He added that he was optimistic for the crucial holiday quarter coming up. |
| Apple shares rose over 2% in after-hours trading after the earnings were released. | Apple shares rose over 2% in after-hours trading after the earnings were released. |
| Pay for the future | Pay for the future |
| The earnings were announced on the same day that Apple introduced its digital payment system, Apple Pay, at a host of US retailers including supermarket chain Whole Foods and pharmacy Walgreens. | The earnings were announced on the same day that Apple introduced its digital payment system, Apple Pay, at a host of US retailers including supermarket chain Whole Foods and pharmacy Walgreens. |
| Some analysts believe that alongside iPhone sales, Apple Pay could be one of the biggest drivers of revenue growth at the company in coming years. | Some analysts believe that alongside iPhone sales, Apple Pay could be one of the biggest drivers of revenue growth at the company in coming years. |
| The technology works by allowing users to scan their fingerprint using an iPhone 6 or iPhone 6 Plus to access stored credit information to pay for goods at participating retailers. | The technology works by allowing users to scan their fingerprint using an iPhone 6 or iPhone 6 Plus to access stored credit information to pay for goods at participating retailers. |
| However, while analysts are optimistic about ApplePay's potential, only a few stores are currently equipped to use the technology - and several large retailers, most notably Wal-Mart, have yet to sign on to the service. | However, while analysts are optimistic about ApplePay's potential, only a few stores are currently equipped to use the technology - and several large retailers, most notably Wal-Mart, have yet to sign on to the service. |
| Furthermore, the technology is only available on the newest model of iPhones. | Furthermore, the technology is only available on the newest model of iPhones. |
| PC boom | |
| On a conference call to discuss earnings, Apple chief financial officer Luca Maestri highlighted a surprising area of strength: Mac laptop sales. | |
| He said that Mac sales hit a quarterly record, which was especially notable given the state of the overall global PC market, which had been declining. | |
| On the call, Mr Cook also emphasized that Apple had repurchased $17bn of its own stock during the quarter - perhaps a nod at shareholders like Carl Icahn who have demanded that the technology giant return even more money to holders of its stock. |