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Apple Announces Astounding Q3 Results

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Apple Q3 earnings

Apple's earnings calls rarely fail to live up to expectation. Just when you think you’ve heard all the big numbers, the Cupertino outfit go and come up with even bigger ones.

Well, of course that’s not strictly true but the revenuea, sales and profits recorded for the third quarter of this financial year are truly remarkable. Apple more than doubled its profits to $7.31 billion, compared to the same period last year on revenues which rose by 82 percent to $15.70 billion. iPhones continue to dominate with sales growing by 142 percent despite the phone being over a year old at this stage.

“We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent,” said Steve Jobs, Apple’s CEO. “Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall."

Apple Q3 earnings

Following the announcement of the earnings, Apple shares rocketed through the $400 mark for the first time, before finishing just below that figure. In terms of market capitalisation, this share price would values the company at around $365 billion, trailing just Exxon ($411 billion) as the most valuable company in the world.

During the quarter there were 20.34 million iPhones and 9.25 million iPads sold, increases of 142 percent and 183 percent, respectively, versus the same period last year –  and confirmation of Apple’s dominance in the smartphone and tablet game. The iPad surge was somewhat expected following the launch of the iPad 2 in March, but the continued success of the iPhone 4 is a remarkable success for Apple.

Macs also produced healthy figures with a 14 percent rise, year-on-year. The only sour note for Apple was a 20 percent decline in sales of iPods, down from 9.41 million in Q3 2010 to 7.54 million this year.

Apple also confirmed that Mac OS X Lion would be made available today from 13.30 BST in the Mac App Store costing £20.99. The update was rumoured to arrive last week, but Apple confirmed following the earnings call that we would be able to upgrade today. The update will only be available through the Mac App Store, a first for Apple.

Source: Apple

Image Credit: Macworld

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