Apple profit soars 94%
Apple has posted a better than expected 94% increase in profit as demand for iPhones and iPads rocketed.
Net profit for the three months to 31 March increased to $11.6bn, up from $6bn in the same period last year. Revenue jumped to $39.2bn, up from $24.7bn in the first quarter of 2011.
Gains were driven by a surge in sales of its recently released new 4G iPad http://www.marketingweek.co.uk/news/apple-unveils-faster-4g-ipad/4000526.article, which increased 151% over last year to 11.8 million, and demand for iPhones, up 88% to 35.1 million.
There had been concern that iPhone sales growth had peaked but demand from developing markets, in particular China, buoyed sales.
Tim Cook, chief executive of Apple, says he is “thrilled” by continuing demand for its products. “The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.”
