iphones Apple posts strong first fiscal quarter growth

Apple has posted its financial results for the first quarter of its fiscal year 2012, beating Wall Street analyst predictions and showing that the company still has huge growth potential after the passing of its co-founder and former CEO, Steve Jobs.

Apple has posted its financial results for the first quarter of its fiscal year 2012, beating Wall Street analyst predictions and showing that the company still has huge growth potential after the passing of its co-founder and former CEO, Steve Jobs.

 
Revenue was up from $26.74 billion a year ago to a whopping $46.33 billion, while net profit was up from $6 billion to $13.06 billion. Diluted shares also more than doubled from $6.43 to $13.87.
 
While many criticised the paltry upgrades of the iPhone 4S, iPhone sales were up 128 percent compared to the same time last year, with the Cupertino, California-based company selling 37.04 million smartphones in the 14 week period, which included the lucrative Christmas holidays.
 
iPad sales were not far behind, with a 111 percent increase in sales to 15.43 million. Apple's other businesses also grew, with 5.2 million Macs sold, a 26 percent increase. However, sales in its iPod division dropped by 21 percent to a still reasonable 15.4 million. Part of this is likely due to people using their smartphones for music.
 
iphones Apple posts strong first fiscal quarter growth
 
“We’re thrilled with our outstanding results and record-breaking sales of iPhones, iPads and Macs,” said Tim Cook, CEO of Apple. “Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline.”
 
This is all good news for the company, but it faces increasingly stiff competition from rivals, including Samsung and Amazon, both of which are vying for the tablet computer throne. Apple is locked in bitter legal disputes with many of its Android opponents and recently lost an appeal for a proposed ban of Samsung's Galaxy Tab in the Netherlands.
 
The company expects to bring in revenue of $32.5 billion in its second fiscal quarter.