Apple’s “staggering” profits
July 20, 2011
By Chris Forrester
Apple might be faced with growing competitive pressures from other tablet and smartphone producers, but its own profits, sales and margins remain extremely robust. Apple’s quarterly profit rose to $7.31 billion for its fiscal third quarter, up from $3.25 billion a year earlier. Revenue soared 82 per cent to $28.57 billion. Gross margins rose to 41.7 per cent from 39.1 per cent a year ago.
Apple’s CFO Peter Oppenheimer described the results as “staggering”, and reported that the quarter-year had seen record sales of iPhones and iPads. Moreover, sales were seemingly not affected by consumers holding back for new iPhone models.
Today (Wednesday July 20) ‘Lion’, a new Apple operating system for its MAC computers will be released.