Friday, November 1, 2024

Apple on the charge with record sales

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Demand for iPhones helped Apple post record sales for the fourth quarter, ­surpassing Wall Street expectations.

The world’s most valuable public company, with a stock market worth of $3.5 trillion, reported overall sales of $94.9 billion in the three months to the end of September, beating analyst ­estimates of around $94.4 billion.

Sales generated by the iPhone, which typically amount to about half the ­company’s business, rose 5.5 per cent year-on-year to $46.2 billion.

Net income fell almost 36 per cent to $14.7 billion after Apple recorded a one-time income tax charge of $10.2 billion related to a European Union ruling over its tax affairs in Ireland.

Although Apple reported a strong quarter, investors showed their disappointment by marking the shares down 1.1 per cent

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