Apple doubles profits, as iPad and iPhone sales soar
Apple has announced yet another record-breaking quarter, doubling revenue and profits on the back of strong iPad and iPhone sales.
First quarter revenue totalled US$46.33 billion, up from US$26.74 billion in the same quarter a year ago. Net profit hit US$13.06 billion or US$13.87 per share, more than doubling the US$6 billion reported a year previous.
Apple’s gross margin also smashed analyst expectations, hitting 44.7 percent for the quarter.
The world’s most valuable brand sold 37.04 million iPhones in the December quarter, 128 percent more than a year ago. iPad sales topped 15.43 million, a 111 percent unit increase over the same period last year, and Mac sales rose 26 percent to total 5.2 million.
Only iPod sales disappointed, declining 21 percent to 15.4 million units.
Apple CEO Tim Cook said he’s “thrilled” with the results and record-breaking product sales.
“Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline.”
CFO Peter Oppenheimer said Apple generated over US$17.5 billion in cashflow from operations during the quarter, and expects Q2 revenue to total US$32.5 billion.
Analysts are tipping the company will continue to enjoy this level of success in 2012.
“Going into 2012, I expect strength of iPhone, iPod Touch and iPad should carry on into the year. Apple still has some tailwind, including opening up new retail stores and expanding its distribution channels,” Gabelli & Co’s Hendi Susanto told Reuters,
“I would say Apple still has many unpenetrated international markets … Apple is still far from its saturation.”