Apple profits and sales beat estimates

Apple, the maker of the iPhone and iPad, reported third-quarter profit and sales that beat analyst estimates, spurring optimism that the company is weathering an attack from low-end smartphone competition.

Earnings were $7.47 €5.65) a share in the period, which ended Jun 29, the California-based company said last night.

Analysts had predicted $7.30 on average, according to data compiled by Bloomberg. Sales rose to $35.3bn, topping the estimate of $35bn.