Apple sees record growth in profits


Apple sees record growth in profits

Kathleen Hall

Apple posted record financial results for its first quarter, with sales soaring 78% to $46.33bn and profits more than doubling to $13.06bn, compared with the same period the previous year.

During the 14-week period before Christmas the company sold 37.04 million iPhones, an increase of 128%, 15.43 million iPads, an increase of 111% and saw a 26% rise in the number of Macs sold at 5.2 million. However, iPod sales dropped by 21% over the quarter.

“We’re thrilled with our outstanding results and record-breaking sales of iPhones, iPads and Macs,” said Tim Cook, Apple’s CEO. “Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline.”

Apple said it expected sales of $32.5bn for its next quarter.

Richard Holway, co-founder of analyst firm TechMarketView, said: “Just to put this into context, Apple now has quarterly revenues that exceed HP. Indeed heading for a record for any US company, and quarterly profits that exceed Google's quarterly revenues. These results are for the same quarter when Microsoft, HTC, RIM, Intel and others produced pretty lacklustre results and even Google ‘disappointed the market’.”

The news comes as Android was recently found to have lost a huge amount of its US smartphone market share to Apple, according to research by Nielsen Mobile Insights, which claimed Google's mobile operating system holds 47% of the US market compared with Apple’s 43% in October and November. Previously Android held a 60% market share, with Apple having just 26%.

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