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Apple reports Q4 profits of $6.62bn

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Global technology business Apple announced total revenue of $28.27 billion (£17.9 billion) and net profits of $6.62 billion in a fourth quarter trading statement released last night.

Revenues and profits for the 12 weeks ending September 24th 2011 were up $8 billion and $2.3 billion respectively, compared to the same period last year.

A wide range of industry leading products are available from the technology retailer, including the iPad and iPhone, which has recently seen its latest incarnation, the iPhone 4S, made available in UK stores.

The company sold 17.07 million iPhones in the quarter, representing 21 per cent unit growth compared to the same period last year, while 11.12 million iPads were also sold, a 166 per cent unit increase compared to 2010.

Briefly this summer, Apple became the most valuable company in the US, as a result of the ongoing popularity of its product range.

While Mac computers continue to grow in popularity, recording a 26 per cent unit increase on last year at 4.89 million units sold in Q4, iPod sales have decreased, standing at 6.62 million units sold in the 12 weeks to the end of September, representing a 27 per cent decline on last year.

Peter Oppenhgeimer, Chief Financial Officer at the company, said that the sales increases were reasons to remain positive.

“We are extremely pleased with our record September quarter revenue and earnings and with cash generation of $5.4 billion during the quarter,” he commented.

“Looking ahead to the first fiscal quarter of 2012, which will span 14 weeks rather than 13, we expect revenue of about $37 billion and we expect diluted earnings per share of about $9.30.”

Gross margin has improved at the company, standing at 40.3 per cent compared to 36.9 per cent in the same period last year, while international sales accounted for 63 per cent of the quarter’s revenue.

Tim Cook, the Apple CEO who took over the position following the resignation of co-founder Steve Jobs in August, welcomed the strong results.

“We are thrilled with the very strong finish of an outstanding fiscal 2011, growing annual revenue to $108 billion and growing earnings to $26 billion,” he said.

“Customer response to iPhone 4S has been fantastic, we have strong momentum going into the holiday season, and we remain really enthusiastic about our product pipeline.”

Published on Wednesday 19 October by Editorial Assistant

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