Apple Inc. reported yesterday its earnings for the third quarter of 2011 which ended June 25. The company reported a record revenue of $28.57 Billion and record profit of $7.31 Billion. For comparison, last year’s 3rd quarter earnings was $15.70 Billion and $3.25 Billion for revenue and profit respectively.
The stellar financial performance of the company was attributed to the record sales of two of their most popular products: the iPhone and the iPad. Apple said that iPhone sales grew by 142 percent reaching a record number 20.34 Million iPhones sold within the period. On the other hand, iPad sales grew by 183 percent reaching a record number of 9.25 million units sold within the period as well.
Apple is expected to hold tighter to their market position with regards to these two products. It was widely rumored that the company is poised to reveal the iPhone 4 successor this coming August or September 2011. There’s also a growing speculation that an early update to iPad 2 might also be released together with the new iPhone.
Apple Inc’s continued success with almost every product they release is showing itself clearly on the charts. Year 2010 is is especially good for the company because in that year, they reached several milestone in the world of technology and finance. Apple’s release of iPad tablet further boosted the company’s position as a leader in technological innovation and design. Year 2010, has been tagged as the “year of the iPad” as a result.
Apple already stole the lead in revenue last year but Microsoft still maintained its financial lead over Apple in terms of profit as they report their earnings in the fourth quarter of 2010. The software giant reported a record quarterly revenue of $19.95 billion, a 15% increase over the same quarter in the previous year, and a profit of $6.63 billion.
Cupertino based computer and mobile device manufacturer Apple Inc reported record sales and profit as they announce their income for the fourth quarter year 2010. The company posted a $26.74 billion in revenue and $6 billion profit, the highest in the history of the Apple. For comparison, Apple posted $15.68 billion revenue and a profit of $3.38 billion in the same quarter last year. This is equivalent to 71% revenue and 78% profit growth year-on-year.
Strong demand for iPhone, Macs, and iPad, especially on the holidays of 4Q 2010 drove the surge in income. In that quarter, Apple sold 16.24 million iPhones (86% up), 4.13 million Macs (23% up), 7.33 million iPads, and 19.45 million iPods (7% down).
Investors Worries Eases
A day before Apple held their quarterly investors conference call, they announced that their CEO, Steve Jobs will take an indefinite leave to focus on his health. Tim Cook, Apple’s Chief Operating Offices will take his day-to-day responsibilities while he’s out. this news spurred uncertainty among the investors with regards to the leadership and future of the company. On the day of announcement, Apple shares fell more than 6%, a strong indication of investor’s anxieties.
But as Apple announces their astounding 4Q 2010 results, it looks like investors’ worries eases (or at least distracted).