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Apple doubles quarterly profits to $11.6bn (£7.2bn)

Category: Business

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."

Source:
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BBC 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 21st Apr 2014]

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