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Apple: Solid sales and "incredible pipeline"

July 23, 2014

Apple signaled that the long wait for new products is nearing an end, with Chief Executive Officer Tim Cook talking about an “incredible pipeline.” Q3 net income rose 12% to USD 7.75bn and revenues advanced 6% to USD 37.4bn, with strong iPhone and Mac sales making up for a drop in iPad demand. Sales of the iPhone rose 13% to 35.2m and Mac sales increased 18% to 4.4m. That helped offset a second-straight quarterly decline for the iPad, with sales dropping 9% to 13.3m as the tablet market becomes more saturated, especially in the U.S. and Western Europe. Apple shares were little changed in extended trading.