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Apple reports fourth quarter and full-year profit declines

But CEO Tim Cook claims the business is "stronger than ever"

Apple's profit declined for a third consecutive quarter despite the company selling a record number of iPhones for the three month period ended September 28.

Fourth quarter revenue rose from $36 billion a year earlier to $37.5 billion (£23.3b), but net profit fell from $8.2 billion to $7.5 billion (£4.7b).

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Fourth quarter iPhone sales were up from 26.9 million to 33.8 million, iPad sales rose by 100,000 units to 14.1 million, while Mac sales declined by 300,000 units to 4.6 million.

Apple's full-year profit came in at $37 billion, representing a first earnings decline in 11 years, but CEO Tim Cook claimed the "business was stronger than ever" during an earnings call listened in on by the BBC.

"We're pleased to report a strong finish to an amazing year with record fourth quarter revenue, including sales of almost 34 million iPhones," he added.

"We're excited to go into the holidays with our new iPhone 5c and iPhone 5s, iOS 7, the new iPad mini with Retina Display and the incredibly thin and light iPad Air, new MacBook Pros, the radical new Mac Pro, OS X Mavericks and the next generation iWork and iLife apps for OS X and iOS."

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