Apple Sells 35M iPhones, Beats Expectations
Despite investor concerns, Apple beat analyst expectations for revenue and profits in the first three months of 2012 on continued strong sales of iPhones and iPads. The tech giant reported a net profit of $11.6 billion, or $12.30 a share, on revenue of $39.2 billion for its fiscal second quarter ending March 31.
Wall Street analysts had forecast a profit of $9.99 per share on revenue of $36.7 billion.
Apple sold 35.1 million iPhones during the quarter, less than the 37 million in the prior quarter but well ahead of analyst expectations of about 30 million. The total was also up 88% from sales in the year-earlier period. The 11.8 million iPad sold in the quarter was in range of the roughly 12 million anticipated and up 151% from a year ago.
Apple only released the latest version of its tablet computer in March, so its fiscal second quarter doesn’t reflect a full three-month period of sales.
“We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter,” stated Tim Cook, Apple’s CEO. “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.”
Questions over whether Apple would meet expected sales targets were raised earlier in the day when AT&T reporting a steep decline in iPhone activations in the fourth quarter. It activated 4.3 million, down from 7.6 million in the year-ending holiday season. But Apple’s iPhone and iPad sales were likely buoyed by the international market, which accounted for nearly two-thirds (64%) of quarterly revenue.