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Apple reports record profits and revenue

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Electricals retailer Apple generated record revenue of $26.74 billion (£16.73 billion) and record quarterly profits of $6 billion for the three months to December 25th 2010, according to its latest financial statement.

The company’s Mac, iPhone and iPad products sold particularly well during the period, helping quarterly revenue and profits increase year-on-year from $15.68 billion and $3.38 billion respectively.

Apple CEO Steve Jobs, who this week announced he will be taking indefinite medical leave from the firm, having already been absent for the company for a number of months between 2008 and 2009 due to a liver transplant, welcomed the results.

“We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales,” he said.

“We are firing on all cylinders and we’ve got some exciting things in the pipeline for this year including iPhone 4 on Verizon which customers can’t wait to get their hands on.”

Sales of Apple iPods during the quarter, however, dropped seven per cent year-on-year, highlighting customers diminishing need for the product in light of the versatile mobile handsets sold by the firm.

Apple recently opened its largest store in the UK in London’s Covent Garden, with dedicated customers queuing through the night to be among the first people to visit the shop.

Rumours suggest that the company could be set to open a new outlet in The Oracle shopping centre in Reading later this year, growing its presence yet further in the UK electricals market.

Peter Oppenheimer, Apple’s Chief Financial Officer, commented. “Looking ahead to the second fiscal quarter of 2011, we expect revenue of about $22 billion and we expect diluted earnings per share of about $4.90.

“We couldn’t be happier with the performance of our business.”

Published on Wednesday 19 January by Editorial Assistant

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