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Apple profits nearly double as iPhone sales soar

Category: Business

Published: 20th Apr 2011 22:23:20

Latest profits for the computer giant Apple beat hopes, including a higher-than-expected rise in iPhone sales.

Net income for the three months to March jumped 85% on the same period a year ago, with iPhone sales of 18.65m - a rise of 113%.

The figures are the latest in a string of good results from the US's technology companies.

Intel's figures, released on Wednesday, were also well above hopes and helped share prices to a three-year high.

Apple reported quarterly net profits of $5.99bn (£3.6bn), 95% up on the $3bn it made a year ago. Revenue was $24.67bn, a rise of 83%.

Sales of the company's computers were strongly higher, up by 28% from a year ago.

Apple's figures were not uniformly positive. It sold 4.69m iPad tablet computers in the quarter, below expectations.

Another disappointment was sales of its one-time star, the iPod, down by 17% on the year at 9m units.

Most analysts were enthusiastic about the figures.

Channing Smith, portfolio manager at Capital Advisors growth fund, said: "Dynamite numbers across the board. The only hiccup is lower than expected iPad numbers."

Apple chief executive Steve Jobs said in a statement: "With quarterly revenue growth of 83% and profit growth of 95% we're firing on all cylinders."

Mr Jobs, who went on medical leave in January with an undisclosed illness, continued: "We will continue to innovate on all fronts throughout the remainder of the year."

The day-to-day running of Apple is currently being done by chief operating officer Tim Cook.

Source:
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BBC News, 2011. Apple profits nearly double as iPhone sales soar [Online] (Updated 20th Apr 2011)
Available at: http://www.ukwirednews.com/news/147776/Apple-profits-nearly-double-as-iPhone-sales-soar [Accessed 24th Apr 2014]

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