iPad, iPhone drives record Apple profits
Apple has announced financial results for its fiscal 2014 first quarter ended December 28th 2013. The Company posted record quarterly revenue of $57.6 billion and quarterly net profit of $13.1 billion. These results compare to revenue of $54.5 billion and net profit of $13.1 billion, in the year-ago quarter. Gross margin was 37.9 per cent compared to 38.6 per cent in the year-ago quarter. International sales accounted for 63 per cent of the quarter’s revenue.
The Company sold 51 million iPhones, an all-time quarterly record, compared to 47.8 million in the year-ago quarter. Apple also sold 26 million iPads during the quarter, also an all-time quarterly record, compared to 22.9 million in the year-ago quarter. The Company sold 4.8 million Macs, compared to 4.1 million in the year-ago quarter.
“We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, Software and Services,” said Tim Cook, Apple’s CEO. “We love having the most satisfied, loyal and engaged customers, and are continuing to invest heavily in our future to make their experiences with our products and services even better.”
“We generated $22.7 billion in cash flow from operations and returned an additional $7.7 billion in cash to shareholders through dividends and share repurchases during the December quarter, bringing cumulative payments under our capital return program to over $43 billion,” said Peter Oppenheimer, Apple’s CFO.
Despite the record figures, sales still fell short of analysts’ expectations. Shares initially fell over 5 per cent in after-hours trading on Monday.