Apple today (Tuesday) posted record quarterly revenue of $46.33 billion and record quarterly net profit of $13.06 billion, or $13.87 per diluted share. The financial results represent its fiscal 2012 first quarter, which spanned 14 weeks and ended 31 December 2011.
The Cupertino company more than doubled its profits: to $13.06bn (£8.35bn), compared with $6bn for the same quarter in 2010 on revenue of $26.74 billion.
“We’re thrilled with our outstanding results and
Record sales of iPhones and iPads resulted in record profits for the company, the results were the first since the death in October of its
Apple’s news made it one of the most profitable quarters ever for any US company, trailing only ExxonMobil’s
The result easily beat analysts’ forecasts, taking pressure off the chief executive, Tim Cook, handpicked by Jobs as his successor. Last October Apple shares recorded their biggest
In record sales across nearly all product categories, Apple sold a record 15.43m iPads over the quarter, more than double a year ago. It sold 5.2m Macs during the quarter, a 26% unit increase.
Cook told analysts that tablets would prove to be a huge market; they had already surpassed sales of desktop PCs in the US. He was dismissive of competition in the tablet market, including Amazon’s far cheaper, if less powerful, Kindle Fire. “I don’t think limited function tablets are in the same category,” he said. “Last year was supposed to be the year of the tablet; and I think that most people will agree it was the year of the iPad, for the second year in a row.
“I think it’s remarkable that we’ve shifted 55m iPads, and we’ve only been in the market since April 2010.”
Apple is sitting on most of those profits, and has accumulated $97.6 billion in cash.