Accessories Amazon Asda Christmas Expansion & Franchise Fashion HR News High Street John Lewis London Marks & Spencer Media News Results Retail Retail and Consumer Industry Retail news Sainsbury's Store Tesco UK brand china consumer deal deals and rumours department department stores e-commerce electricals expansion fashion news food grocer group launch luxury morrisons my online online retail people profit property retail property retailer sale sales supermarket waitrose
Apple more than doubles profits Wednesday, 25th January 2012
Apple on Wednesday announced it more than doubled profits for the final quarter of 2011 thanks to record sales of iPhones and iPads.
In the final quarter of 2011, the first since the death of Apple co-founder Steve Jobs, Apple managed to more than double its profits from USD 13.06 billion compared with USD 6 billion for the same quarter in 2010. The result beat analysts’ forecasts, and means the pressure has subsided a little for new chief executive Tim Cook.
Cook said he was thrilled Apple sold a record 37.04 million iPhones over the quarter, a 128 per cent rise on a year before. "We could have sold more if we'd had more supply," he said. The recently launched iPhone 4S proved to be the company's best seller in the quarter. "We could not be happier," said Cook.
In record sales across nearly all product categories, Apple sold a record 15.43 million iPads over the quarter, more than double a year ago. It sold 5.2 million Macs during the quarter, a 26 per cent unit increase.
Only sales of iPods fell, down 21 per cent year on year to 15.4 million; however, Apple reported higher average selling prices as consumers buy more of the iPod Touch.
Apple’s iTunes store generated USD 1.7 billion in revenue with the 361 Apple stores also had a record run. The chief financial officer, Peter Oppenheimer, said the stores made an average USD 17.1 million in the last quarter, up from USD 12 million a year ago, More than 110 million people visited an Apple store over the quarter, and the average store attracted 22,000 visitors per week.
Cook said: "Apple's momentum is incredibly strong, and we have some amazing new products in the pipeline."
Revenue jumped 73 per cent to USD 46.3 billion, exceeding analysts' forecasts. For the current quarter, Apple projected revenue of USD 32.5 billion with earnings per share of USD 8.50, noting the quarter has 13 weeks. Analysts had forecast revenue of USD 32 billion with earnings per share of USD 8.02, according to consensus forecasts.