Apple shares rose 5% on better than expected third quarter results

Apple shares rose 5% on better than expected third quarter resultsTechnology giant, Apple has recorded a better than expected results in the third quarter of the year, boosting investor confidence in the largest technology firm in the world.

The company said that it earned a profit of $6.9 billion during the three months till june backed by high sales of its flagship, Apple iPhone smartphone. The company said that the company said that it sold a total of 31.2 million iPhones, which is the highest ever for the June quarter compared to 26 million recorded in the same quarter of the previous year.

The company's profit fell 22 per cent during the quarter compared to the same quarter in the previous year. Its profit margin fell to about 36.98 per cent compared from 42.8 per cent. The average sale price for the company's products fell to $581 compared with $608 in the previous year. Its revenues rose to $35.3 billion compared to $35 billion earlier.

The shares of the company increased about 5 per cent in after-hours trading after the company reported better-than-expected profits for the third quarter of the year.