Apple doubles quarterly profits to $11.6bn (\u00a37.2bn)<\/p>\n
Apple has reported its profits almost doubled in the first three months of the year.<\/p>\n
Apple said its net profit came in at $11.6bn (\u00a37.2bn), up from $6bn in the same period last year and much better than had been expected.<\/p>\n
The technology giant sold 35 million iPhones in the quarter, which was also almost double the level from a year ago.<\/p>\n
Apple shares rose more than 7% to $601 in after-hours trading.<\/p>\n
To put its results in perspective, Apple’s profits are now more than Google’s quarterly revenues of $10.65bn.<\/p>\n
Microsoft, the world’s largest software firm, has quarterly revenues of about $17bn.<\/p>\n
Google and Microsoft make Android and Windows Phone respectively, which are rivals to Apple’s iOS platform.
\n ‘Blowout quarter’<\/p>\n
"Apple had a blowout quarter," said JJ Kinahan, a strategist at TD Ameritrade. "There were already high expectations and they blew the expectations away."
\n Continue reading the main story<\/p>\n
Apple sold 11.8 million iPads, 150% more than the same period last year.<\/p>\n
Chief executive Tim Cook, speaking on the conference call, said that almost 67 million iPads had now been sold – it took the company 24 years to sell as many Mac computers and three years to sell that many iPhones.<\/p>\n
"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," he said.<\/p>\n
The strong results followed a 13% fall in its share price in the past few weeks.<\/p>\n
Some analysts had predicted that iPhone sales would be weak, suggesting that phone companies had reined in their sales.<\/p>\n
"We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter," said Mr Cook.<\/p>\n
Apple now has $110bn in cash. In March, the tech giant said it would use its cash to start paying a dividend to shareholders and to buy back some of its shares.<\/p>\n
It expects to use $45bn over the next three years.<\/p>\n
Apple’s shares recently touched a high of $644, surpassing $600bn in market value and affirming its position as the world’s most valuable firm.<\/p>\n
The iPhone maker’s shares were worth as little as $3.19 in 1997, when it faced the possibility of bankruptcy.<\/p>\n
source: bbc.co.uk<\/p>\n","protected":false},"excerpt":{"rendered":"
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