Apple Results Show £5bn Profit
Apple reports increased revenue and profit ahead of iPad Mini release
Apple has announced a profit of $8.2 billion (£5bn) in its latest results, an improvement from the $6.6 billion (£4.1bn) it made in the previous quarter.
Revenues increased from $28.3 billion (£17.6bn) to $36 billion (£22.3bn) quarter-on-quarter, with international sales accounting for around 60 percent of the Apple results.
The Cupertino-based company is expecting a bumper Christmas period, with revenues of about $52 billion expected in the first quarter of 2013. It is due to release the newly-announced iPad Mini next month, while it has recently launched its new flagship smartphone, the iPhone 5.
Revenue increases in Apple results
“We’re very proud to end a fantastic fiscal year with record September quarter results,” said Tim Cook, Apple’s CEO. “We’re entering this holiday season with the best iPhone, iPad, Mac and iPod products ever, and we remain very confident in our new product pipeline.”
“We’re pleased to have generated over $41 billion in net income and over $50 billion in operating cash flow in fiscal 2012,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the first fiscal quarter of 2013, we expect revenue of about $52 billion and diluted earnings per share of about $11.75.”
Apple announced the iPad Mini earlier this week as it enters the increasingly crowded lower end of the tablet market. The 7.9-inch device is just 7.2mm thick and is powered by a dual-core A5 chip. It also has a FaceTime HD camera, a five megapixel iSight rear camera, and optional support for 4G LTE networks.
Prices start at £269 for the Wi-Fi only model, which is due to be delivered on 2 November.
What do you know about tech stocks and shares? Find out with our quiz!