iPhone, iPad lead Apple to post record revenue; shares soar

iPad, iPhone 4 and Apple logo
California, Jul 20: The share price of the iPad-maker Apple crossed more than $400 for the first time in the history after the technology giant announced its financial results for its fiscal 2011 third quarter ended Jun 25, 2011.

The Company posted record quarterly revenue of $28.57 billion and record quarterly net profit of $7.31 billion, or $7.79 per diluted share. The record sales of iPhones and iPads helped Apple to post a record quarterly revenue.

Apple sold 20.34 million iPhones in the quarter, representing 142 percent unit growth over the year-ago quarter. Apple sold 9.25 million iPads during the quarter, a 183 percent unit increase over the year-ago quarter.

Apple also managed to sell 3.95 million Macs during the quarter, a 14 percent unit increase over the year-ago quarter. Apple sold 7.54 million iPods, a 20 percent unit decline from the year-ago quarter.

"We"re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent," said Steve Jobs, Apple"s CEO. "Right now, we"re very focused and excited about bringing iOS 5 and iCloud to our users this fall."

"We are extremely pleased with our performance which drove quarterly cash flow from operations of $11.1 billion, an increase of 131 percent year-over-year," said Peter Oppenheimer, Apple"s CFO. "Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50."

Apple posted the record quarterly revenue amid the surge of Android smartphones and tablets. Analysts predicted that the popularity of Android smartphones and tablets will affect the sale of iPhone 4 and iPad 2. Moreover, with rumours of iPhone 5, which is expected to launch in Sep 2011, reports of decrease in iPhone 4 sales also popped up. But cracking all rumours and speculations, Apple once again proved its dedicated fan base.

OneIndia News

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