Apple’s fiscal 2014 fourth quarter (ending September 27) painted a rosy picture with a quarterly net profit of $8.5 billion on revenues of $42.1 billion.
These results compare favourably to the previous quarter revenues of $37.5 billion and a net profit of $7.5 billion. But, Apple CEO Tim Cook admitted to dealing with an iPhone 6 supply shortage and a decline in iPad sales overall.
Cook said during a conference call that the supply shortage is a good problem to have.
“Our fiscal 2014 was one for the record books, including the biggest iPhone launch ever with iPhone 6 and iPhone 6 Plus,” said Cook.
There were nearly 40 million iPhones sold in the fourth quarter spurred on by the release of the iPhone 6 and 6 Plus. Apple iPhone sales overall are up from the 33.8 million iPhones it sold a year ago. But, that’s not the case for iPad sales which were down by 13 per cent.
Cook did reveal that enterprise apps will be ready next month as part of the historic IBM Apple partnership. Cook believes this partnership will improve iPad sales long term.
“With amazing innovations in our new iPhones, iPads and Macs, as well as iOS 8 and OS X Yosemite, we are heading into the holidays with Apple’s strongest product line-up ever. We are also incredibly excited about Apple Watch and other great products and services in the pipeline for 2015,” he added.
The company also announced a cash dividend of $.47 per share of the common stock to be paid out on November 13.