Apple results beat expectations as iPhone sales soar The Cupertino technology giant notched up $35.3bn (£23bn) of sales, $300m ahead of the same period the previous year and $200m ahead of analysts" forecasts. Net profit stood at $6.9bn, down nearly 22pc from $8.8bn last year. The figures mark a slowdown for Apple, but shares in the company jumped as much as 5pc in after-hours trading amid relief that the company's growth had not come screeching to a sudden halt. Although iPad sales fell, sales of its iPhones jumped to 31m - 5m more than analysts had forecast - confounding reports that it was slashing orders because of slowing demand for the device. The figures were buoyed by sales of its older, cheaper devices such as the iPhone 4 in the developing world, but Apple chief executive Tim Cook said he thinks there is still considerable demand for its top-end products, despite intensifying competition from cheaper rivals. He also intimated that the company could be on the brink of a major new product launch, saying that it was set to have a "busy" end to the year. His comments will help to quell fears amongst some investors that Apple has lost its innovative drive. Less than a year ago, Apple was the biggest listed company in the world, with a share price that briefly topped the $700 mark last September. However, its stock has since tumbled to $418.99, amid concerns that Apple has lost the innovative drive that for a few years appeared to give Apple the Midas touch. Analysts hope it will do the same with a television or wearable technology such as an iWatch.