Apple sells every iPad made, profits zoom up 125 percent (Lead)

July 20th, 2011 - 12:54 pm ICT by IANS  

New York, July 20 (IANS) Apple Tuesday posted a record quarterly revenue of $28.57 billion, selling every iPad it could make.

The profit by the world’s most valuable tech company also jumped more than 125 percent to $7.31 billion. “We sold every iPad we could make,” claimed Apple chief financial officer Peter Oppenheimer.

The Cupertino-based technology giant reported more than a two-fold jump in sales of iPhones and iPads over the same period last year.

According to Apple, it sold 20.34 million iPhones in the quarter, representing 142 percent growth over the year-ago quarter.

The quarterly sales of iPads at 9.25 million also showed a 183 percent jump over the same quarter last year.

The Mac was still selling very well, reporting sales of 3.95 million during the quarter - up 14 percent over the same period last year.

At 7.54 million, the sales for iPods were also up 20 percent over the same period last year.

“We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent,” said Apple CEO Steve Jobs.

“Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall,” Jobs added.

Oppenheimer added: “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.”

“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.”

China, Latin America and the Middle East accounted for much of the growth posted by Apple. In fact, Apple sales in China recorded a 250 percent jump since last year.

During the quarter, Apple added 15 more countries to its fast expanding market beyond North America. It also added 42 carriers globally during the quarter. Currently, Apple also runs more than 300 stores worldwide.

Apple stock, already at its 52-week high, jumped about five percent before the results were announced. It closed more than three percent higher at $376.85.

(Gurmukh Singh can be contacted at gurmukh.s@ians.in)

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