iPad Yearly Sales See 21.6% Decline While iPhones Stay Strong, Apple Posts $6.9 Billion in Profit – Down 20%

Tech giant Apple published its financial information for the 3rd quarter of 2013, revealing its profit had fallen roughly 20 percent to $6.9 billion, or $7.47 per share, on relatively flat revenues of $35.4 billion for the three-month period ended June 29th, 2013.

Declining sales of Apple’s iPad seems to be the culprit. The popular tablet moved 14.6 million units, down from 17 million in the 3rd quarter of 2012.

The iPhone remained very strong, however, selling a record 31.2 million units. That’s up from 26 million in the 3rd quarter of 2012.

“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,” Apple CEO, Tim Cook said. “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.”

While profits are a bit down, they’re still tremendous. Apple’s CFO, Peter Oppenheimer said, “We generated $7.8 billion in cash flow from operations during the quarter and are pleased to have returned $18.8 billion in cash to shareholders through dividends and share repurchases.” Apple’s Board of Directors declared a cash dividend of $3.05 per stock share. The dividend will be payable to shareholders on August 15th.

[Via: Apple Insider]

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