Apple today announced financial results for its fiscal 2014 fourth quarter ended September 27, 2014. The company posted a 12 percent jump in revenue after its best new-iPhone launch on record helped push sales of the smartphone to 39.27 million. Apple posted quarterly revenue of $42.1 billion and quarterly net profit of $8.5 billion, or $1.42 per diluted share. These results compare to revenue of $37.5 billion and net profit of $7.5 billion, or $1.18 per diluted share, in the year-ago quarter. Gross margin was 38 percent compared to 37 percent in the year-ago quarter. International sales accounted for 60 percent of the quarter?s revenue.

"Our fiscal 2014 was one for the record books, including the biggest iPhone launch ever with iPhone 6 and iPhone 6 Plus," said Tim Cook, Apple?s CEO. "With amazing innovations in our new iPhones, iPads and Macs, as well as iOS 8 and OS X Yosemite, we are heading into the holidays with Apple?s strongest product lineup ever. We are also incredibly excited about Apple Watch and other great products and services in the pipeline for 2015."

"Our strong business performance drove EPS growth of 20 percent and a record $13.3 billion in cash flow from operations in the September quarter," said Luca Maestri, Apple?s CFO. "We continued to execute aggressively against our capital return program, spending over $20 billion in the quarter and bringing cumulative returns to $94 billion."

While iPhone sales were up, Apple also sold 13 percent fewer iPad tablets than it did a year ago, sliding more than 7 percent to 12.3 million units.

That follows an industry-wide decline in tablet sales.