Apple’s revenue shot-up 32.5%. Thanks to iPhones

The American multinational technology company Apple, in its latest quarterly report reveals that the company has got returns of $49.61 billion with a hike of 32.5% from the previous year and also beating Wall Street's expectations of $49.43 billion.

As per an Economic Times report, Apple shares, nevertheless, fell sharply in the after hours of trading. The shares were as low as 8% as traders noticed lower than expected sales forecasts.

Apple CEO Tim Cook however insisted that "We had an amazing quarter." Cook also said that noting that iPhone revenue in the quarter that ended on June 27, sales went up by 59% from the same period a year earlier.

Analysts, however, expected that the company will be able to sell even more handsets and that they were looking for a brighter forecast than was given for the current quarter.

The shares also saw a fall of more than 6% to $122.41 41 in after-market trades that followed release of the earnings figures.

According to the chief financial officer Luca Maestri, Apple managed to trade 47.5 million iPhones in the quarter with sales up by 85% in Greater China where the company's overall revenue multiplied to $13 billion.

With the iPhone becoming the most sold product in the series, Cook seem confident on China being its biggest market. "We remain extremely bullish on China and we are continuing to invest," Cook said.

"I think everyone is going to own a smartphone, and we can compete for a fair number of them," Cook further added.

The company, however, did not revealed any specifics on sales of its newly-launched smart watch, instead folding the figure into an "other" category that rose 49% to $2.64 billion.

Apple Watch was the first new product line introduced by the culture-changing company behind iPhone, iPad, iPod, and Macintosh computers since 2010.