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Apple Q1 Results: $13.06B Profit; Sells 37.04M iPhones, 15.43M iPads

Apple announced financial results for its first quarter of the fiscal year 2012, ended December 31,2011. The company reported a record net profit of $13.06 billion, a major increase compared to last quarter’s profits of $6.62 billion, but a growth of 117.6% compared to profits of $6 billion, in the year-ago quarter. The company’s quarterly revenue rose to $46.33 billion in the quarter, an increase of 73.26% compared to $26.74 billion that it reported in the same quarter, last year. International sales accounted for 58 percent of the quarter’s revenue. The results include an additional 14th week that Apple added to the quarter

– iPhones:  37.04 million sold during the quarter, up 128% year on year. Previous quarter, Apple had sold 17.07 million iPhones
– iPads:  15.43 million  sold during the quarter, a 111% increase year on year. Last quarter, Apple had sold 11.12 million iPads.
– iPods:  15.4 million sold during the quarter, down 21% year on year. 6.62 million iPods were sold in the last quarter.
– Macs: 5.2 million sold during the quarter, a 26% unit increase over the year-ago quarter. This is an improvement over the previous quarter, when Apple had sold 4.89 million Macs.
– Gross margin was 44.7 percent compared to 38.5 percent in the year-ago quarter.

Notes from Apple’s Investor Conference Call:

– Apple CEO Tim Cook revealed that the company’s revenue in India, where the company has a small presence, has gone up three times. Responding to a question on whether the company was planning to enter Russia and India with retail presence, Cook dismissed it at least for the ‘near term’. However, he indicated that China was a more lucrative market.

– Apple sold over 315 million iOS devices so far, out of which over 62 million were sold in the last quarter. Cook pointed out that there was no transparent reporting available for Android devices. He also did not dismiss Windows Phone as a competition.

– iPod Touch continues to be the most popular iPod accounting for half of all iPod sales, and the company has a 70% market share in the MP3 player market.

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– In the last fiscal year, Apple sold a bit above 2.8 million units of  Apple TV, and in December quarter it sold 1.4 million units.

– Apple informed that around 1.5 million iPads were already in use in education institutions- as of date, over 3 million copies of iTunes U app have been downloaded. 600,000 copies of iBooks Author, its most recent ‘ebook creator’ product, have already been downloaded. Cook dismissed competition including Amazon’s Kindle Fire by saying ” people want to do multiple things with a tablet, and we don’t see limited functions of other tablets and e-readers being in the same category. Customers will buy those, they’ll sell a fair amount, but people who want iPads won’t settle for limited functions.”

– Apple’s cloud service, iCloud, has 85 million customers.

– The present count of apps in the iTunes App Stores is at 550,000 apps, out of which 175,000 apps are for iPad.

–  Apple has so far paid $4 billion cumulative to app developers. $700 million was paid to developers in the last quarter.

iTunes Store, which also includes music and video downloads, did $1.7 billion in revenue in the quarter and offers over 20 million songs. Apple reported apps and music sales of $120 million worth of downloads  on December 25th alone.

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– The company has $97.6 billion in cash at end of December, compared to $81.6 billion at end of the last quarter, an increase in $16 billion.

Targets for Next Quarter

For the next quarter, Apple expects revenues of $32.5 billion, compared to $24.7 billion for Q2 2011, and diluted earnings per share of about $8.50. This is also because of the quarter being short by one week compared to the existing one.


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