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Apple posts record quarterly profits

by on20 July 2011

Sales up across the board
Apple has brought a smile to its shareholders’ faces and the market by posting some very strong quarterly earnings.

The outfit saw its revenues soar to $28.5 billion, up 90 percent year-on-year. Profits jumped to $7.3 billion, up 124 percent in the same period. The growth was fuelled largely by strong iPhone and iPad sales, although shipments of Macs increased, too.

Apple sold 20.3 million iPhones and 9.2 million iPads over the past quarters and CEO Steve Jobs says he was thrilled to deliver the best quarter ever. The market took the news in stride. Shares rose 6.2 percent and came close to the $400 mark for the first time in the company’s history.

Apple cautioned the market that its sales could stagnate over the current quarter, at least until the new iPhone is launched.
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