Even in an era when critics complain the company has lost a step, Apple's profits keep climbing. The company released its fiscal third-quarter earnings report on Wednesday, reporting revenue of $37.4 billion and a net profit of $7.7 billion.

Those numbers were up from the third quarter of 2013, when Apple tallied $35.3 billion in revenue and $6.9 billion in net profit.

For the 2014 third quarter, Apple earned $1.28 per diluted share, up from $1.07 a diluted share the company earned in the year-ago quarter. Apple has declared a cash dividend of $.47 per share of the company's common stock.

The earnings somewhat underperformed Wall Street's estimate of $37.99 billion in revenues, though the per-share earnings exceeded the $1.23 forecast by analysts.

iPhone results

Sales of the iPhone were up year-over-year: 35 million units were sold--a third-quarter record--generating $19.75 billion in revenues, compared to 31.2 million units generating $18.1 billion a year ago.

Sales were down from the second quarter, though, when Apple sold more than 43 million iPhones and generated $26 billion in revenue; unit sales dropped 19 percent since that second quarter. The third quarter, though, came later in the iPhone 5s and 5c product cycle, when attentive phone-owners begin preparing for the fall release of Apple's next iPhone model.


It was also a record June quarter for Mac sales -- driven by strong growth in the MacBook Air line -- with growth of 18 percent, year over year, in a shrinking PC market. (Macs have gained PC market share in 32 of 33 quarters.) The company sold 4.4 million Macs during the quarter, up from 3.7 million units in 2013. That translated to a 13 percent increase since last year's third quarter, to $5.5 billion from $4.9 billion.

The units sold also increased over second quarter 2014, though revenue was somewhat flatter: Apple saw a 7 percent increase in Macs sold from the previous quarter, from 4.5 million units, but also generated $5.5 billion in sales during that quarter.

More details to come as we work our way through the report.