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Apple Net Profit Remains Same at $13.1b Despite Increased iPhone Sales To 51m


Apple-logoApple’s net profit did not register a jump Year-on-Year (YoY) despite higher revenues in Q1 2014. The company reported revenue of $57.6 billion for quarter ending December 28, 2013, up from $54.5 billion a year ago and $36 billion reported in the previous quarter. The company’s net profit stood at $13.1 billion, same as a year ago, but up from $7.5 billion reported in the previous quarter.

Device sales

iPhone: Apple sold a record 51 million iPhones during the holiday quarter, up from 47.8 million a year ago and 33.8 million in the previous quarter. Though the sales numbers are remarkable, it is still lower than the sales figures of 55 million the company had projected for the category. The company started selling these devices in India this quarter, but the company has not disclosed the number of units it sold here. During the conference call, CFO Peter Oppenheimer said Apple couldn’t meet demand for the 5S until near the end of the quarter. CEO Tim Cook said during the same call that sales of 5c devices “turned out to be different than we thought”. 5c is a slightly cheaper device with plastic case instead of aluminum build Apple has for its phones. The company believes touch-id was the feature that got people interested in the new device.

iPad: Apple also sold 26 million iPads during the quarter,, compared to 22.9 million in the year-ago quarter and 14.1 million in the previous quarter. The company did not disclose which model they sold more, the 10-inch model or the the Mini. However, it needs to be noted that the company released iPad Air in November and it added to the improved numbers.

Macs: It sold 4.8 million Macs, compared to 4.1 million in the year-ago and 4.6 million Macs in the last quarter.

iTunes: Apple reported $4.4 billion in sales from iTunes, software, and services in this quarter, up from $3.5 billion in the previous quarter. This includes purchases from iTunes Store, the iOS App Store, the Mac App Store, and the iBooks Store and revenue from sales of AppleCare, licensing, and other services. Out of this, $2 billion was paid out to developers and $10 billion for the whole of 2013. Revenues from iTunes alone stood at $2.4 billion.

Financials

- Revenue between $42 billion and $44 billion
- Gross margin between 37 percent and 38 percent
- Operating expenses between $4.3 billion and $4.4 billion
- Other income/(expense) of $200 million
- Tax rate of 26.2 percent

Read: Financials

Category : Apple, Earnings | Tags : , ,