Strong iPhone sales propel Apple’s revenue

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Tel-Aviv, Israel - March, 15th 2011: Extreme macro image of an iPhone 4 back side, featuring Apple's logo and the phone's camera.

Apple’s revenue surged by 32.5 per cent to US$49.6 billion in the third financial quarter from US$37.4 billion in the corresponding period last year, according to media reports.

At the same time, net profit soared by about 38.96 per cent to US$10.7 billion, compared to US$7.7 billion a year ago.

The stellar results are attributed to the strong sales of its iconic iPhone, particularly the iPhone 6 and 6 Plus models. In fact, the Cupertino-based company sold 47.5 million iPhones during the period in question, compared to just 35.2 million units a year earlier. This segment alone accounted for 63 per cent of the company’s revenue.

Mac sales also increased from 4.4 million units to 4.8 million units, making up 12 per cent of Apple’s revenue. However, iPad sales dropped from 13.3 million units to 10.9 million units.

“We had an amazing quarter, with iPhone revenue up 59 per cent over last year, strong sales of Mac, all-time record revenue from services, driven by the App Store, and a great start for Apple Watch,” said Apple’s Chief Executive Officer Tim Cook.

“The excitement for Apple Music has been incredible, and we’re looking forward to releasing iOS 9, OS X El Capitan and watchOS 2 to customers in the fall,” he added.

Despite the strong performance, the firm’s stock price fell by 6 per cent to US$122.11 per share during after-hours trading as revenue missed the US$51.1 billion forecasted by analysts surveyed by Thomson Financial. As a result, Apple lost US$60 billion in market capitalisation.

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