Biggest Apple yet
January 25, 2012
Apple Inc posted record sales and earnings for the latest fiscal quarter spanning the period between October and December of last year. The world's most successful technology firm returned to form after a rare miss in the previous quarter by selling an unparalleled 37.04 million flagship iPhones and 15.43 million iPad tablets.
It thus doubled its sales year-on-year and easily outpaced already heightened expectations for a strong holiday season. Even its Mac computers bucked the industry trend, with quarterly sales rising by 26 percent to 5.2 million units sold worldwide.
Going from strength to strength
"We're thrilled with our outstanding results and record-breaking sales," said Apple's chief executive officer Tim Cook, who succeeded the late and legendary co-founder of the company, Steve Jobs. "Apple's momentum is incredibly strong, and we have some amazing new products in the pipeline," Cook added in a statement.
Sales in the United States were particularly strong with revenue up 90 percent in the Americas region. And although Europe remained in the grip of a debt crisis, Apple's sales there went up by 55 percent.
Apple recorded a quarterly net profit of $13.06 billion (9.98 billion euros) which helped swell its war-chest of cash and securities to almost $100 billion. Shares in the company jumped by 8 percent in extended trading following the earnings report.
More to come
The astonishing results strengthened the position of Apple's new CEO, Tim Cook, who has been able to take the company to new heights after the demise of his predecessor. And expectations for the current quarter remain positive.
"Apple still has some tailwind, including opening new retail stores and expanding its distribution channels," Hendi Susanto from the Gabelli & Co. Equity research firm told Reuters news agency.
"I would say Apple is still far from its saturation," he added.
A fifth-generation iPhone is expected to trigger a new round of consumer mania. But competition will be stronger too with smartphones using Google's Android operating system chipping away at Apple's market share and a host of tablets from rivals already offering potential buyers viable alternatives at a lower price.
Author: Hardy Graupner (Reuters, AFP, dpa)
Editor: Michael Lawton