Apple has reported another blockbuster quarter exceeding analysts' expectaions, posting record-breaking earnings on the back of flourishing iPhone, iPad and Mac sales.
The company reported revenues of $28.6 billion in the third fiscal quarter of 2011, a 90 per cent increase from the same period last year. Apple also posted profits of $7.31 billion, a whopping 124 per cent rise from last year.
The iPhone continued to remain the top selling product in its portfolio, with Apple selling 20.34 million. Apple also shipped 9.25 million iPad tablet PC devices and 3.95 million Macs in the third quarter. The company additionally hinted at it plans to launch the next version of the iPhone in September this year.
“We are extremely pleased with our performance which drove quarterly cash flow from operations of $11.1 billion, an increase of 131 percent year-over-year,” said Peter Oppenheimer, Apple’s CFO.
“Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50,” he added.
Shareholders were more than pleased with Apple’s financial performance. The company’s share price increased by $23.22, or 6.2 per cent, breaching the $400 mark for the first time.