Apple doubles profits as iPhone sells massively

Darren Allan

April 21, 2011

Apple has announced its earnings for the quarter that ended in March.

And it posted a record second quarter revenue of $24.7 billion, which was up hugely on the figure of $13.5 billion for the same quarter last year. That represents year-on-year growth of 83%.

Profits increased even more, almost doubling with a 95% increase. They went up from $3.07 billion a year ago to $5.99 billion.

It was mainly the iPhone which drove these profits, with 18.65 million units shifted in the quarter, up 113% on a year ago. This beat analyst expectations considerably, although the iPad fell a little shorter on estimates with 4.69 million units sold.

Those numbers are likely to have been affected by the launch of the iPad 2, however, with many holding on for and buying the sequel.

Apple also sold 9.02 million iPods, although that was down 17% on last year. The Mac computer fared better, hitting 3.76 million units sold, up 28%.

The company also noted that international sales accounted for 59% of revenue.

Steve Jobs said Apple was “firing on all cylinders”, and CFO Peter Oppenheimer added: “We are extremely pleased with our record March quarter revenue and earnings and cash flow from operations of over $6.2 billion. Looking ahead to the third fiscal quarter of 2011, we expect revenue of about $23 billion and we expect diluted earnings per share of about $5.03.”


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