Apple doubles quarterly profits to $11.6bn (£7.2bn)
Published: 24th Apr 2012 23:00:40
Apple has reported its profits almost doubled in the first three months of the year.
Apple said its net profit came in at $11.6bn (£7.2bn), up from $6bn in the same period last year and much better than had been expected.
The technology giant sold 35 million iPhones in the quarter, which was also almost double the level from a year ago.
Apple shares rose more than 7% to $601 in after-hours trading.
"Apple once again surprises on the upside despite expectations that iPhone sales would lag," said Michael Yoshikami, chief executive of YCMNet Advisors.
"Clearly iPad results are driving results, as well as international sales. This is consistent with Apple continuing to capture market share against Android."
The strong results followed a 13% fall in its share price in the past few weeks.
"Apple had a blowout quarter," said JJ Kinahan, chief derivatives strategist at TD Ameritrade.
"There were already high expectations and they blew the expectations away."
Some analysts had predicted that iPhone sales would be weak, suggesting that phone companies had reined in their sales.
"We're thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter," said Apple chief executive Tim Cook.
"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."
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Harvard CitationBBC News, 2012. Apple doubles quarterly profits to $11.6bn (£7.2bn) [Online] (Updated 24th Apr 2012)
Available at: http://www.ukwirednews.com/news/1424383/Apple-doubles-quarterly-profits-to-11-6bn-7-2bn [Accessed 30th Jul 2014]
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With the doors to its brand new £1million training centre officially open, one of the UK's leading apprentice training providers, Bristol based S&B Automotive Academy, is showcasing its world-class facilities by launching a series of foreign student exchanges for the first time in its 41-year history. To get a flavour of what life is like as an apprentice in the UK, the Academy hosted 16 apprentice engineers and bus drivers from the G9 Automotive College in Hamburg, Germany, as part of a Europe-wide vocational training initiative called the ‘Leonardo Programme’ with support from the European Social Fund. In a reciprocal arrangement, S&B will be sending nine apprentices to Germany during February 2012 so that they can get an appreciation of life in the automotive industry on the Continent. A further three German exchange groups are being planned for next year. Designed to assist the development of vocational skills and training across Europe, including work placements for trainees, the Leonardo Programme has a budget of €1.75bn, which is helping to encourage UK organisations to work with their counterparts abroad. In what is expected to be another challenging year for employers in the UK automotive sector, S&B’s Chief Executive, Jon Winter, claims that the exchange initiative will bring many benefits to the Academy and its apprentices: “In a world of global automotive brands, it’s important for our learners to understand the international context of the industry they have chosen to make their career. This new exchange programme will enable apprentices and Academy staff alike to achieve a better understanding of the challenges and opportunities within the automotive arena in Europe. With the Academy’s influence also extending to the USA and Asia, there’s every possibility that this initiative could move further afield in the future.” Continued Winter: “The need for skilled technicians across the world is on the increase and we actively encourage our apprentices to look at broader horizons during their training. Many of them have already learned the phrase ‘Vorsprung durch Gelehrtheit’, quite simply, ‘Advancement through learning.” In the 2010/11 academic year, S&B doubled the number of successful Apprenticeships over the previous year with some 350 apprentices graduating from the Academy. At the same time, achievement levels reached an all-time high with an overall success rate of 85%. For those learners on the Advanced Apprenticeship three-year programme, success rates were even higher, at over 98%. PHOTO CAPTION: As part of their exchange visit, S&B Automotive Academy arranged for the German apprentices to visit Hampshire bus operator, Bluestar, at its Barton Park depot. The students are pictured with S&B’s Andy West (3rd right) and Steve Prewett, Bluestar’s Area Engineering Manager (2nd right). Ends http://www.sandbaa.com
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