Apple net profit up 70 percent, 4.19 million iPads sold
Tuesday 19 October 2010
Apple on Monday reported record quarterly revenue led by blockbuster sales of its latest generation iPhone and took direct shots at smartphones backed by Google and Research In Motion.
The California-based company said that its net profit in the quarter ending September 25 soared 70 percent to 4.31 billion dollars unprecedented sales of Macintosh computers, iPhones and iPads.
"It was fueled primarily by record iPhone sales; the tremendous popularity of the iPad and our best Mac quarter ever," Apple chief financial officer Peter Oppenheimer said during an earnings conference call.
Apple reported record revenue of 20.34 billion dollars in the fourth quarter of its fiscal year, up from 12.21 billion dollars a year ago.
Apple said it sold 3.89 million Macintosh computers during the quarter, up 27 percent from a year ago, 14.1 million iPhones, up 91 percent from a year ago, and 4.19 million iPads, up from 3.3 million the previous quarter.
Apple said it sold 9.05 million iPods during the quarter, down 11 percent from a year ago.
"We are blown away to report over 20 billion dollars in revenue and over four billion in after-tax earnings-both all-time records for Apple," Apple chief executive Steve Jobs said in a statement.
"iPhone sales of 14.1 million were up 91 percent year-over-year, handily beating the 12.1 million phones RIM sold in their most recent quarter," he said.
Canada's Research In Motion, or RIM, is the maker of the Blackberry.
Jobs said during the earnings call that he didn't see BlackBerry catching up with iPhone sales any time soon, and then fired barbs at smartphones running on Android software backed by Google.
He downplayed claims by Google chief executive Eric Schmidt that approximately 200,000 Android mobile devices are activated daily, saying that daily activations for Apple gadgets averaged 275,000 in the past 30 days.
"We are confident our approach will triumph over Google's fragmented approach," Jobs said.
Apple shares were down 5.76 percent in after-hours trading to 299.70 dollars as iPad sales fell short of expectations. Analysts had expected Apple to sell as many as five million iPads during the quarter.
Investors were evidently also concerned about costs associated with making and selling Apple gadgets.
Jobs remained confident during the call, saying that he believed Apple has a "tiger by the tail" with the iPad and that there is little sign of a viable competitor being fielded in the tablet computer market.
Apple was planning to build on the momentum of its Macintosh computers with an event Wednesday in San Francisco focused on refreshing the line-up of machines in time for the year-end holiday shopping season.
"We still have a few surprises left for the remainder of this calendar year," Jobs said.
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