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January 28, 2014

Apple posts flat Q1 profit with weaker iPhone 5C sales

However, Cook still remained bullish on the company's Q1 performance.

By CBR Staff Writer

Apple reported flat profits of about $13.1bn during the October 2013 to January 2014 quarter (Q1), and posted record quarterly revenue of $57.6bn, which the company attributed to weaker than anticipated iPhone 5C sales.

Despite generating profits, the iPhone maker saw its value slip to $40bn as shareholders remain worried about its growth.

Apple CEO Tim Cook said that the company would continue to invest heavily in its future to make user experiences with products and services even better.

"We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, Software and Services," Cook said.

During the quarter, Apple sold a record 51 million iPhones, up from 47.8 million devices sold in the previous year’s quarter, while it also sold 26 million iPads, compared to 22.9 million during the corresponding quarter the previous year.

In addition, sales of Mac PCs reached 4.8 million, compared to 4.1 million sold in the previous year’s quarter.

"I think the 5s, people are really intrigued with Touch ID," Cook said.

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"It’s a major feature that has excited people.

"And I think that associated with the other things that are unique to the 5s, got the 5s to have a significant amount more attention and a higher mix of sales.

Apple CFO Peter Oppenheimer said: "We generated $22.7 billion in cash flow from operations and returned an additional $7.7 billion in cash to shareholders through dividends and share repurchases during the December quarter, bringing cumulative payments under our capital return program to over $43 billion."

Apple has made its entry in China in collaboration with China Mobile, while the company aims to boost its offerings to over 300 cities by the end of the year.

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