Apple profits soar on record iPhone sales
Apple's profits almost doubled in the first quarter of this year compared with last, hitting $11.6 billion. Revenue increased 59 percent to reach $39.2 billion.
The company also reported record March sales of iPhones, iPads and Macs.
The company shifted 35.1 million iPhones in the quarter - 88 percent up on the same period last year - along with 11.8 million iPads, a 151 percent unit increase over the year-ago quarter.
Mac sales stayed flat at four million units, just seven percent up on a year ago, and iPod sales declined by 15 percent to 7.7 million units.
"We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter," says CEO Tim Cook. "The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver."
The record sales were driven largely by China, which brought in a quarter of the company's revenue. That's three times as much as the same period last year, thanks mainly to hige iPhone sales.
However, with speculation that another iPhone is in the works and could be released this fall, it's likely that iPhone sales will slide over the coming months as users hold out for the next version.
Nevertheless, the company is confident. "Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68," says chief financial officer Peter Oppenheimer.