Apple Third Quarter Earnings Beat Estimates on Record iPhone Sales

Depending on how you look at it, Apple had another stellar quarter, generating $35.3 billion in revenue and posting a net profit of $6.9 billion, or $7.47 per diluted share. On the flip side, Apple's performance barely beat out Wall Street's somewhat subdued estimates, and though its revenue is up slightly from $35 billion in same quarter a year ago, the company's net profit fell from $8.8 billion, or $9.32 per diluted share,

Still, there are thousands of companies that would love to switch places with Apple, which currently finds itself in a profitable dogfight with Samsung over mobile dominance. Holding its ground, Apple sold 31.2 million iPhones in the third quarter, a record for the June quarter and up from 26 million in the same quarter last year.

Apple Retail Store

"We are especially proud of our record June quarter iPhone sales of over 31 million and the strong growth in revenue from iTunes, Software and Services," said Tim Cook, Apple’s CEO. "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 sold 3.8 million Macs in Q3, down from 4 million in the year-ago quarter, and 14.6 million iPads, down from 17 million a year ago.

Looking ahead, Apple expects to generate between $34 billion and $37 billion in revenue in the fourth quarter. Evidently pleased with its performance and future outlook, Apple investors reacted to the news by sending the company's share price up over 3.3 percent to $433 per share in after hours trading.