Apple iPhone Sales Surge

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iPhone 5s

Apple stock jumped 8 percent, in part on news that it sold almost 44 million iPhones during the recent March quarter, while analysts had predicted sales of 38 million.  iPad sales however, fell by 16 percent from a year ago to 16.4 million, from 20 million.

Stronger than expected sales in China and Japan helped drive iPhone sales to a record for the March quarter.  Apple CEO Tim Cook, said iPad sales, while falling short of industry expectations, met company targets as a year ago, there was a shortage of iPad minis in the December quarter, leading to an unusually high number of iPad mini shipments during last year’s March quarter.

During a call with analysts there was little revealed on new products planned for this year although Apple has promised in the past that it will enter new product categories during 2014.

Regarding new products, Cook hinted that Apple has “been expanding the number of things we’re doing in the background,” that it’s “not ready to pull the curtain” on.

Apple also announced a 7-for-1 stock split.

Source: Apple, Reuters

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