Apple’s profits up 91% in first quarter

By Dyenamic Solitions - Last updated: Wednesday, April 25, 2012 - Save & Share - Leave a Comment

Apple Inc announced yesterday that its net profit came in at £7.2 billion ($11.6 billion), up from £3.75 billion ($6 billion) in the same period last year and much better than had been expected.Apple's profits up 91% in first quarterThe world’s biggest company by capitalisation sold 35 million iPhones in the quarter, which was also almost double the level from a year ago.

This is consistent with Apple continuing to capture smart phone market share against Android.

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.

Clearly iPad results are driving results, as well as international sales.

There were already high expectations and they blew the expectations away.

“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.” said Mr Cook.

Apple shares rose more than 7% back above the $600 mark last night in after-hours trading.

The strong results followed a 13% fall in its share price in the past few weeks.

The ease of use and flexibility of iPads over laptops is continuing to turn the computer market on it’s head.

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