RECORD APPLE IPHONE SALES AS PROFIT SLUMPS

Apple has seen a spike in iPhone sales but a 16% decline in iPad sales during the last reporting quarter. The US technology firm sold 14.6 million iPads during the quarter, compared with 17 million in the same period last year. It sold 3.8 million Macs, down from four million between April and June last year. However it sold 31.2 million iPhones in the last financial quarter, up 20% and a record for the three-month period to June. That figure beats the 26 million handsets sold in the same period last year but is down on the 37.4 million devices sold between January and March this year. Apple Sales of the iPad and Mac range have fallen The third quarter results beat analysts' expectations and shares surged in after-market trading. Overall, the company's quarterly sales totalled $35.3bn (£23bn). The figure was $300m (£195m) up on the same period last year and $200m (£130m) above analysts' expectations. Net profit was reported at $6.9bn (£4.49bn), down almost 22% from $8.8bn (£5.73bn) last year. Apple chief executive Tim Cook said: "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. "We are really excited about the upcoming releases of iOS 7 and OS X Mavericks operating systems, and we are laser-focused and working hard on some amazing new products that we will introduce in the fall and across 2014." In 2012 Apple was the most valuable listed firm globally, with a share price that peaked above $700 (£455) last September. However, its stock has since dropped and sat below $419 (£272) on Tuesday's close, as concerns continue of Apple regaining its creative mojo. The California-based company faces strong competition from Samsung, which is growing on the back of the popularity of its Galaxy S4 handset. Samsung also makes many of its own components. In April the South Korean manufacturer posted a 41% leap in earnings in the first quarter of this year - in the same week Apple reported its first annual slide in a decade. Samsung made a net profit of 7.15tn Korean won (£4.2bn) for the period, up from 5.05tn won (£2.9bn) a year ago, attributed largely to a surge in sales of smartphones.