Apple Reports Positive Numbers for Latest Quarter

Apple has reported their quarterly profit with a rise of 12 percent, going up to $7.75 billion. The rise in iPhone sales helped overlap the drop in iPad demand.

This quarter, Apple sold 35.2 million iPhones, a 13 percent increase from last years numbers. It pushed revenue up by 6 percent to $37.4 billion in the fiscal third quarter, which ended after June 28. iPad sales fell down to 13.3 million; a second straight quarter of decline.

These numbers show that Apple is more than withstanding competition from smartphone manufacturers led by Samsung Electronics Co., especially with the anticipation being built from new devices that are in store for the Cupertino, California-based tech giant.

The results were mostly in line with projections, and although some investors predicted a blowout, it was not as so.

The company is also preparing to fight the widely argued idea that Apple cannot release breakthrough technology without Steve Jobs by releasing new iPhones with bigger screens and wearable gadgets.

"Our record June quarter revenue was fueled by strong sales of iPhone and Mac and the continued growth of revenue from the Apple ecosystem, driving our highest EPS growth rate in seven quarters," said CEO Tim Cook in a statement.

New products aren't expected to alter Apple's reliance on the iPhone. If they sell 30 million units of a new wearable device in the first 12 months, they will be able to add it to the $171 billion in iPhone sales last year.

Apple is benefitting most from people who are moving their digital lives into the smartphone and other mobile devices. Microsoft, on the other hand, struggles to adapt and must cut 18,000 jobs.

With its partnership with International Business Machines Corp., Apple will expand its distribution. They are also looking into a new deal that will allow them to sell their iPhone through China Mobile Ltd, the world's largest phone carrier.