Apple Q1 profits beat expectations

Apple Q1 profits beat expectations

Apple yesterday (20 April) reported Q1 profits of $5.99bn (£3.6bn) – up 95% from 2010. Sales grew 83% to $24.67bn (£14.9bn) during the three months to March 31 2011.

The computer giant saw sales of the iPhone double to 19 million from last year as its flagship product outpaced the 16 million predicted.

Meanwhile, sales of the iPad were surprisingly lower than expected. Only 5 million devices were shipped as opposed to the initial expectations of nearly 7 million.

The iPad 2 was launched last month and sold out worldwide in hours.

Apple CEO Steve Jobs said: ‘With quarterly revenue growth of 83 per cent and profit growth of 95 per cent, we’re firing on all cylinders. We will continue to innovate on all fronts throughout the remainder of the year.’

‘We are extremely pleased with our record March quarter revenue and earnings and cashflow from operations of over $6.2bn,’ said Peter Oppenheimer, Apple’s CFO. ‘Looking ahead to the third fiscal quarter of 2011, we expect revenue of about $23bn and we expect diluted earnings per share of about $5.03.’

Apple also sold 4 million MacBook Pros during the quarter, a 28% increase year on year, after changes were made to the computer last year.


Written by Mobile Today
Mobile Today


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