Apple still booming
Apple has announced record sales and profits in its Q1 earnings conference, far outstripping all forecasts.
Revenue for Q1 soared to $46.33 billion (£29.7bn), with a net profit of £8.6bn - doubling reported Apple profits in Q1 2011. CEO Tim Cook commented: "We're thrilled with our outstanding results and record-breaking sales of iPhones, iPads and Macs. Apple's momentum is incredibly strong, and we have some amazing new products in the pipeline."
The company's first quarter ended on 31 December 2011, so sales figures were bolstered by Christmas and the iPhone 4S launch. However, few could have predicted just how good sales would be; 37.04 million iPhones were sold in just 14 weeks. Here are the sales details in full, including year-on-year growth:
|Product||Global sales Q1 2012||Global sales Q1 2011||YoY Growth|
Steve Jobs' legacy
The announcement was particularly meaningful for Apple as it was the first earnings report since the death of founder and visionary Steve Jobs in October 2011. Shares took something of a dip at the time, but after yesterday's announcement jumped 12 per cent in aftermarket trading. Shares are now £295 each; the Telegraph calculated that this would give Apple a total value of £275.3bn, making it the world's most valuable company ahead of oil giant Exxon at £268bn.
Richard Frost, managing editor at theEword, said: "For a company that has just lost its leader, and is selling luxury goods in a time of recession, Apple is doing extraordinarily well. However, it remains to be seen whether new CEO Tim Cook can steer Apple in the right direction, and whether the new products he mentions are up to scratch for the brand's devotees."