Thursday, 21 April 2011

Apple earnings virtually double as iPhone sales surge

Latest profits for the computer giant Apple beat hopes, including a higher-than-expected rise in iPhone sales.

Net income for the three months to March jumped 85% on the same period a year ago, with iPhone sales of 18.65m - a rise of 113%.

The figures are the latest in a string of good results from the US's technology companies.

Intel's figures, released on Wednesday, were also well above hopes and helped share prices to a three-year high.

Apple reported quarterly net profits of $5.99bn (£3.6bn), 95% up on the $3bn it made a year ago. Revenue was $24.67bn, a rise of 83%.

Sales of the company's computers were strongly higher, up by 28% from a year ago driven by its tweaked MacBook Pro.

Apple's figures were not uniformly positive. It sold 4.69m iPad tablet computers in the quarter, below expectations.

Another disappointment was sales of its one-time star, the iPod, down by 17% on the year at 9m units.

Most analysts were enthusiastic about the figures.

Channing Smith, portfolio manager at Capital Advisors growth fund, said: "Dynamite numbers across the board. The only hiccup is lower than expected iPad numbers."

Apple chief executive Steve Jobs said in a statement: "With quarterly revenue growth of 83% and profit growth of 95% we're firing on all cylinders."

Mr Jobs, who went on medical leave in January with an undisclosed illness, continued: "We will continue to innovate on all fronts throughout the remainder of the year."

The day-to-day running of Apple is currently being done by chief operating officer Tim Cook.

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