NEWS WRAP: ‘Strong sales of iPhone and Mac’ boost Apple’s third quarter revenue

Apple has reported its third quarter results, posting a quarterly revenue of $37.4 billion and a quarterly net profit of $7.7 billion, or $1.28 per diluted share.

International sales drove 59% of the quarter’s revenue.

Apple chief executive officer Tim Cook says the company’s revenue in the quarter “was fuelled by strong sales of iPhone and Mac and continued growth of revenue from the Apple ecosystem”, which drove “the company’s highest EPS growth rate in seven quarters”.

“We are incredibly excited about the upcoming releases of iOS 8 and OS X Yosemite, as well as other new products and services that we can’t wait to introduce,” he says.

Microsoft Cloud drives strong fourth quarter results

Microsoft has announced revenue of $23.38 billion for the quarter ended June 30, posting a gross margin of $15.79 billion, an operating income of $6.48 billion, and diluted earnings per share of $0.55 per share.

Microsoft chief executive officer Satya Nadella says the company’s focus cloud technology was behind the strong results.

“I’m proud that our aggressive move to the cloud is paying off – our commercial cloud revenue doubled again this year to a $4.4 billion annual run rate,” he says.

Timehop raises $10 million

Timehop, an app that serves as a personal “today in history” memo by sourcing social networking photos and posts from your past has raised $10 million in new funding, TechCrunch reports.

The Series B funding round was led by Shasta Ventures with the participation of previous investors Spark and O’Reilly Tech Ventures and angel investors including Randi Zuckerberg.

Overnight

The Dow Jones Industrial Average is up 61.81 to 17,113.54. The Australian dollar is currently trading at US94 cents.