Apple posts record quarterly results

 

Technology giant Apple posted record quarterly results after it sold a greater-than-expected 37 million iPhones worldwide in the last three months of 2011.

Sales of the smartphone more than doubled in the 14 weeks to December 31, which included the launch of the latest model, the iPhone 4S, and helped Apple's net profit more than double to 13.06 billion US dollars (£8.4 billion).

The company, which was founded by Steve Jobs, who died at the start of the quarter at the age of 56, also delivered huge sales of its tablet computer, the iPad, selling 15.43 million in the three-month period, compared with 7.3 million a year earlier.

The stellar results, which also revealed a 26% increase in sales of its Mac computer to 5.2 million, beat analyst expectations and cheered investors in Asia, where markets posted solid gains overnight.

Chris Weston, institutional trader at IG Markets, said: “It's hard to paint the numbers as anything but blowout, and clearly despite reasonably elevated expectations, they simply took consensus down to the woodshed and chopped it apart.”

Apple shares rose 7% in New York after the company released its results, giving it a market value of around 391 billion US dollars (£250 billion).

The company has avoided any damage from a clampdown in consumer spending and a surge in competition from smartphone manufacturers and new tablet computers, such as the November launch of Amazon's Kindle Fire.

Elsewhere, the group revealed record quarterly revenues of 46.33 billion US dollars (£29.7 billion), up from 26.74 billion US dollars (£17.1 billion) a year earlier.

The company increased its gross profit margins in the quarter, despite the rising cost of raw materials, from 38.5% to 44.7%.

The only damp figure was a 21% drop in iPod sales to 15.4 million, but the iPhone and iPad both have music-playing features, which could explain the decline.

Meanwhile, chief executive Tim Cook, who replaced Mr Jobs, hinted at future gadgets, which are rumoured to include a March release of the iPad 3.

He said: “Apple's momentum is incredibly strong, and we have some amazing new products in the pipeline.”

The company said international sales now take up 58% of its revenues, with 1.5 million Mac computers, which include desktop and laptop models, sold in Europe.

Elsewhere, internet company Yahoo! posted its 13th consecutive decline in quarterly revenues as its search and display advertising sales declined.

The company earned 1.32 billion US dollars (£845.8 million) in the October to December period, down 13% on a year earlier.

Chief financial officer Tim Morse said economic difficulties, particularly in Europe, had hit the business.

PA

Life and Style
ebookNow available in paperback
ebooks
ebookPart of The Independent’s new eBook series The Great Composers
News
Kim Wilde began gardening in the 1990s when she moved to the countryside
peopleThe singer is leading an appeal for the charity Thrive, which uses the therapy of horticulture
Sport
Alexis Sanchez celebrates scoring a second for Arsenal against Reading
football
Life and Style
health
Voices
An easy-peel potato; Dave Hax has come up with an ingenious method in food preparation
voicesDave Hax's domestic tips are reminiscent of George Orwell's tea routine. The world might need revolution, but we like to sweat the small stuff, says DJ Taylor
News
i100
News
Japan's population is projected to fall dramatically in the next 50 years (Wikimedia)
news
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

ES Rentals

    iJobs Job Widget
    iJobs Gadgets & Tech

    Recruitment Genius: Project Implementation Executive

    £18000 - £23000 per annum: Recruitment Genius: They work with major vehicle ma...

    Recruitment Genius: Digital Account Executive - Midlands

    £18000 - £26000 per annum: Recruitment Genius: They work with major vehicle ma...

    Ashdown Group: Front-End UI Application Developer

    £30000 - £40000 per annum + Benefits: Ashdown Group: Front-End UI Application ...

    Recruitment Genius: Digital Account Executive

    £18000 - £26000 per annum: Recruitment Genius: They work with major vehicle ma...

    Day In a Page

    NHS struggling to monitor the safety and efficacy of its services outsourced to private providers

    Who's monitoring the outsourced NHS services?

    A report finds that private firms are not being properly assessed for their quality of care
    Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

    Zac Goldsmith: 'I'll trigger a by-election over Heathrow'

    The Tory MP said he did not want to stand again unless his party's manifesto ruled out a third runway. But he's doing so. Watch this space
    How do Greek voters feel about Syriza's backtracking on its anti-austerity pledge?

    How do Greeks feel about Syriza?

    Five voters from different backgrounds tell us what they expect from Syriza's charismatic leader Alexis Tsipras
    From Iraq to Libya and Syria: The wars that come back to haunt us

    The wars that come back to haunt us

    David Cameron should not escape blame for his role in conflicts that are still raging, argues Patrick Cockburn
    Sam Baker and Lauren Laverne: Too busy to surf? Head to The Pool

    Too busy to surf? Head to The Pool

    A new website is trying to declutter the internet to help busy women. Holly Williams meets the founders
    Heston Blumenthal to cook up a spice odyssey for British astronaut manning the International Space Station

    UK's Major Tum to blast off on a spice odyssey

    Nothing but the best for British astronaut as chef Heston Blumenthal cooks up his rations
    John Harrison's 'longitude' clock sets new record - 300 years on

    ‘Longitude’ clock sets new record - 300 years on

    Greenwich horologists celebrate as it keeps to within a second of real time over a 100-day test
    Fears in the US of being outgunned in the vital propaganda wars by Russia, China - and even Isis - have prompted a rethink on overseas broadcasters

    Let the propaganda wars begin - again

    'Accurate, objective, comprehensive': that was Voice of America's creed, but now its masters want it to promote US policy, reports Rupert Cornwell
    Why Japan's incredible long-distance runners will never win the London Marathon

    Japan's incredible long-distance runners

    Every year, Japanese long-distance runners post some of the world's fastest times – yet, come next weekend, not a single elite competitor from the country will be at the London Marathon
    Why does Tom Drury remain the greatest writer you've never heard of?

    Tom Drury: The quiet American

    His debut was considered one of the finest novels of the past 50 years, and he is every bit the equal of his contemporaries, Jonathan Franzen, Dave Eggers and David Foster Wallace
    You should judge a person by how they peel a potato

    You should judge a person by how they peel a potato

    Dave Hax's domestic tips are reminiscent of George Orwell's tea routine. The world might need revolution, but we like to sweat the small stuff, says DJ Taylor
    Beige is back: The drab car colours of the 1970s are proving popular again

    Beige to the future

    Flares and flounce are back on catwalks but a revival in ’70s car paintjobs was a stack-heeled step too far – until now
    Bill Granger recipes: Our chef's dishes highlight the delicate essence of fresh cheeses

    Bill Granger cooks with fresh cheeses

    More delicate on the palate, milder, fresh cheeses can also be kinder to the waistline
    Aston Villa vs Liverpool: 'This FA Cup run has been wonderful,' says veteran Shay Given

    Shay Given: 'This FA Cup run has been wonderful'

    The Villa keeper has been overlooked for a long time and has unhappy memories of the national stadium – but he is savouring his chance to play at Wembley
    Timeless drama of Championship race in league of its own - Michael Calvin

    Michael Calvin's Last Word

    Timeless drama of Championship race in league of its own