Apple Double Profits

News Article - Wednesday, 25 April 2012 11:25

By: Kerry Butters Category: Connectivity

Apple has announced a bumper quarter in which it has doubled its net profit, resulting in an increase of 94% year-on-year. This is thanks to record sales of iPhones and iPads and represents a quarterly net profit of $11.6 billion, compared to $6.0 billion a year ago.

The company sold 35.1 million iPhones, which is an 88% growth on last year, 11.8 million iPads, which represents a huge 151% increase and 4 million Macs, up 7% on sales from last year. The only product seeing a decline was the iPod, which saw sales fall 15% to 7.7 million units.

Apple made a gross margin of 47.4%, compared to 41.4% in the same quarter last year and international sales accounted for 64% of revenue.
"We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” said Tim Cook, Apple’s CEO. "The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.”

"Our record March quarter results drove $14 billion in cash flow from operations,” said Peter Oppenheimer, Apple’s CFO. "Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68.”
According to a report by the BBC, Apple’s shares rose by more than 7% in after-hours trading to $601 and the company’s profits now exceed Google’s, although they have not quite reached Microsoft’s quarterly figure of $17 billion.
A webcast of Apple’s conference call concerning the financial results for Q2 2012 can be found here and will remain available for the next fortnight.

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