Apple announces its record third quarter profit

Posted on Jul 20 2011 - 10:50am by Julius

Apple gave good news to its shareholders by announcing its record revenue and net profit for its fiscal third quarter ending June 25. The company’s net income was £4.6 billion in three months, higher the company’s sales a year earlier.

The Cupertino-based company sold more than 9.25 million iPad tablets and 20 million iPhone units in the quarter. The company also sold 3.95 million Mac units.

The report eased the concerns of the investors that sales would be affected by the lack of a new iPhone, which is the company’s best selling product. The new iPhone is expected to be launched this August or September. Also, the company has been operating without Steve Jobs, the company’s chief executive officer, who has been on leave since January.

“We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent,” said Jobs in a statement. “Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall.”

The company’s shares surged by 6.2 percent, or $23.22, to break the $400 mark for the first time, bringing it a step closer to being the world’s most valuable company by market capitalization.

Apple COO Time Cook said the company is doing good thanks to the high demand for the iPad 2.

“We sold every iPad 2 we could make,” Cook said.

He also said that competing Android-powered tablets are far behind, citing the lead in apps of the iPad.

“You would be hard-pressed to find more than a few hundred on other platforms,” he said. “It also appears that other tablets aren’t getting any traction.”

 

via: The Guardian

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