WASHINGTON — Looks like all the naysayers and doomsday predictions are ringing hollow. Apple had a strong 3rd quarter, which was driven by iPhone sales.
Reuters reports that last quarter’s sales of iPhones surpassed estimates from Wall Street as Apple saw its American shipments soar 51% and raised its stock 5% while profits decreased.
The profit margin slipped from 42% last year to 37% this year, but surging iPhone sales gave confidence to the stock market and investors. Apple is adjusting its sales strategy to keep pace with Samsung. This report now eases concerns that Apple is on a downward slide, as reports from its chief rival Samsung were dismal by comparison.
Samsung overtook Apple as the world’s largest smartphone maker last year with its Galaxy series, but has overloaded the smartphone market. Now BlackBerry (formerly Research in Motion or RIM), is struggling to re-enter the smartphone market after spending years to redevelop its BlackBerry phones.