Apple profits jump by 13 percent: Here are five key takeaways from the announcement

Apple is looking forward to a strong holiday season after beating Wall Street expectations. This quarter, the company has reported almost $42.1 billion in revenue, or $8.5 billion of profit, which is 13.3 percent higher than the same quarter last year. The stars of the show are the new iPhones and Macs, while the iPad faced yet another disappointing quarter. Apple CEO Tim Cook  and CFO Luca Maestri have offered their insights, while breaking down the Q4 numbers. Here’s a quick look at 5 key takeaways. 1. iPhone continues to remain the cash cow Cook wasn’t wrong when he said it is “the biggest iPhone launch ever”. The new iPhone 6 sales have further helped strengthen Apple’s revenue. This also means Apple’s fortunes still largely hinge on the iPhone, which accounts for half its business, and the company’s ability to again re-define markets with new technology gadgets. 2. Strong Mac sales It isn’t just the iPhone that’s responsible for the sales figures. The company also saw the strongest growth in Mac computer shipments in years that helped it surpass Wall Street’s targets.  The company also posted the strongest percentage growth in Mac sales, of 21 percent to 5.5 million units, since the December quarter of 2011. 3. Sales in China iPhone sales in China are believed to not have lived up to expectations. However, Cook blames it on the late launch of the iPhone 6 in the country, following the trend we saw last year. But Cook plans to take the matter in hand with some changes like increasing  the number of retail stores and believes the iPhone 6 launch in China has lots of positives as it is among the first phones to support 4G in China. 4. iPad continues to slump While the iPhone remains Apple’s cash cow, the sales of the iPad continue to slump. However, Cook believes that Apple’s iPad have a great future. It should be noted that the sales of the iPad, which helped launch the mainstream tablet market in 2010, slid for the third straight quarter. A gradual decline in tablet demand worldwide has worried investors already concerned with Apple’s slowing growth, who are awaiting a new device that can energize its expansion. The  company recently launched the new iPad Air 2 and iPad mini 3, which has already received a lukewarm response.    5. Apple iWatch and other new products “We are also incredibly excited about Apple Watch and other great products and services in the pipeline for 2015,” said Cook. However,  he also said that one shouldn’t expect sales figures numbers from Apple. The Apple Watch now comes under the ‘others’ category that also includes the Apple TV, but the company isn’t keen on disclosing on those numbers either. When asked about when can we expect another product category, Apple declined to reveal much.