Profits Up At Apple After Record Sales of iPads and iPhones
Apple released its quarterly results today and revealed that profits had jumped an eye-watering 94% after the successful launch of the new iPad and iPhone 4S.
Following the news Apple’s share price rose significantly in after-hours trading as the results came in well above what analysts had predicted.
Its been a flying start for Apple in 2012, with their first quarter results breaking records, thanks to the surging popularity of its smartphone and tablet computers.
The results today are attributed to the iPhone, which is a key driver of growth for the Cupertino company, as they sold 35.1 million iPhones last quarter, up 88% from the last year’s total.
“International iPhone sales were on fire,” Apple Chief Financial Officer Peter Oppenheimer told Reuters in an interview, adding that sales of the smartphone in the Greater China region jumped five-fold from the previous year.
The iPad is performing really well too; Apple sold 11.8 million iPad’s in the last quarter, more than double compared to last year.
The iPad is the first major product launch since October’s iPhone 4S launch, and Apple managed to shift a record 3 million units in the product’s first weekend on sale.
Last month, Apple unveiled plans for what they will do with their colossal cash reserves – with the company planning to pay a dividend and set aside $10 billion for a share repurchase.
Apple’s Macintosh line of computers saw moderate growth compared to last year, and was up 7%.
The continued fall from grace of the iPod wasn’t surprise as the media player saw a 15% decline from last year’s results, but they still sold an impressive 7.7 million iPods.
Of all its overseas market, the company said revenue from the Asia-Pacific region grew the most, more than doubling to $10.15 billion. Sales in the region now account for more than a quarter of total Apple revenue, compared with 19% a year ago.