Apple: iPhone Quarterly Sales Results Shatter Expectations (Jan. 29, 2015)
The blazing sales rate of Apple Inc.’s new iPhones during the final quarter of 2014 shattered the company’s own expectations, and Apple Pay’s rollout was “extremely positive,” helping drive historic revenues, Apple’s CEO Tim Cook told analysts this week. Largely due to unprecedented demand for the new iPhone 6 models, Apple sold 34,000 iPhones per hour every day during the quarter, totaling 74.5 million, up 46 percent from 23.4 million a year earlier, Cook said. Revenue for the quarter shot up 30 percent over the same period in 2013, to $74.6 billion.
“Apple Pay is off to a very strong start and the feedback that we are getting from both individuals and institutions is extremely positive,” Cook said. About 750 banks and credit unions have signed on to support Apple Pay, and the service is now driving more than $2 out of every $3 spent on contactless purchases across the three major U.S. card networks, he noted. “Point-of-sale providers tell us they are seeing unprecedented demand from merchants,” Cook said. Among other highlights: USA Technologies this week said it’s making Apple Pay available at 200,000 locations including vending machines, parking meters and payment kiosks, and the Apple Watch will begin shipping in April. And, Western Union said this week it is now accepting Apple Pay for money transfers and bill payments at its flagship locations and at kiosks in more than 7,600 Walgreens and Duane Reade stores.
Separately, Apple Pay is getting special attention at the NFL Experience, co-sponsored by Visa, which is drawing thousands of consumers to downtown Phoenix this week in anticipation of the Feb. 1 Super Bowl. NFL players are helping to demonstrate Apple Pay. Customers buying NFL merchandise with Apple Pay receive $10 off their total, while anyone watching the demo gets $5 off.
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