Record iPhone sales helped Apple beat Wall Street estimates for 2013’s third fiscal quarter, but the company’s profits declined and its earnings barely rose, dragged down by slumping sales of other products. Still, investors liked what they heard, with Apple stock rising in after-hours trading following the news.
Apple reported revenue of $35.3 billion and a net profit of $6.9 billion, or $7.47 per diluted share, for Q3 2013. The revenue surpassed Wall Street’s consensus of $35.18 billion; the company’s own prediction for the quarter had been $33.5 billion to $35.5 billion.