Apple reports record sales of iPhones, iPads and Macs
Apple Inc. is selling a whole lot of just about every product it makes -- and investors are loving it.
The company's stock shot up more than 8% after it announced that the holiday quarter was its best ever, with revenue and profit setting all-time records. Apple sold more iPhones, iPads and Mac computers than in any three-month period in its history.
The company smashed Wall Street projections with revenue of $46.33 billion in the three-month period ended Dec. 31, more than $7 billion more than analysts had expected and a 74% increase over its quarterly revenue from a year earlier. Profit was just as strong: Apple's $13.06 billion in earnings beat analysts' expectations by $3 billion, and the number more than doubled from the same quarter a year earlier.
"They just demolished it," said analyst Peter Misek of Jefferies & Co. "Everyone thought they were too big -- that there was too much information out there and they couldn't pull off a surprise like this, but boy did they ever."
Apple's bestselling product continued to be its iPhone. The company sold 37.04 million of the devices, by far eclipsing its iPhone sales record of 20.3 million set in the April to June quarter. It also took a leap forward with its iPad, selling 15.43 million units of the tablet computer -- more than 4 million more than it had sold last quarter in its previous quarter. Apple sold 5.2 million Mac computers, beating its mark of 4.9 million, also set last quarter.
“We’re thrilled with our outstanding results and record-breaking sales of iPhones, iPads and Macs,” said Chief Executive Tim Cook in a statement. “Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline."
Analysts expect that Apple will have a strong year of new products, possibly announcing a new iPad in March, a newly redesigned iPhone during the summer and potentially an Apple-branded television set later in the year.
-- David Sarno
Photo: Philip Schiller, Apple's senior vice president of worldwide marketing, discusses a new textbook initiative in New York last week. Credit: Mark Lennihan / Associated Press