Apple makes £4.5bn profit despite falling iPad sales

Apple made £4.5bn profit in the last three months despite falling iPad sales, with new devices promised for the future.

"We have more than one tool in the toolbox," said Apple boss Tim Cook while discussing Apple's Q2 financial results. "We're working on some stuff that we're really proud of. We'll announce things when we're ready."

Apple took in a total of £23bn between April and June, slightly down from £28.4bn in the first three months of the year. But Cook probably isn't too upset, as that's still £4.5bn of pure profit.

The iPhone was Apple's most popular device, shifting 31.2m phones. The iPhone sold more than the 26m shifted in the first three months of the year, but less than the 37.4m sold this time last year.

By contrast, iPad sales are dropping: 14.6m iPads sold this quarter, down from 19m earlier this year and 17m last year.

But that's still a lot of tablets, by anybody's standards. "If there are other tablets selling, I don't know what they're being used for," said Cook. Ouch! Take that, Google Nexus 7.

Apple is expected to release not one but two iPhones before the end of the year, with rumours swirling about a regular iPhone 5S and a cheaper plastic model perhaps called the iPhone Light. And new software iOS 7 arrives in the next few months, which could revitalise sales of current phones and tablets.

Cook also hinted that connected cars could be in Apple's future. "Having something in the automobile is very, very important. It is something that people love," he said.

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