Apple posts record quarterly financial results

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Technology manufacturer posts highest ever revenue and product sales off the back of the release of the iPhone 5 and new iPads

Apple has posted record financial results for its thirteen week first quarter ended December 29, with new highs in revenues and unit sales.

The technology manufacturer revenue of $54.5 billion (£34.4 billion), up from $46.3 billion (£29.2 billion) in the 14 week period a year ago and $36 billion (£22.7 billion) sequentially.

Revnues in Europe contributed almost a quarter of the overall figure. Apple posted European revenues of 12.5 billion (£7.9 billion), up from $11.3 billion (£7.1 billion) a year ago and $8 billion (£5.1 billion) from the previous quarter.

Net profit was steady at $13.1 billion (£8.3 billion) compared to the same period last year. International sales accounted for 61 per cent of the revenue.

Apple sold 47.8 million iPhones in the quarter, up from 37 million a year ago and 26.9 million from the previous quarter. It also sold 22.9 million iPads in the 13 week period, up 7.5 million year-on-year and 8.9 million sequentially.

Gross margin was 38.6 per cent compared to 44.7 per cent a year ago. Average weekly revenue was $4.2 billion (£2.7 billion) in the quarter compared to $3.3 billion (£2.1 billion) a year ago.

However, Apple said it expected revenue to drop to between $41 billion (£25.9 billion) and $43 billion (£27.2 billion) for the first three months of this year, with gross margin of between 37.5 per cent and 38.5 per cent.

The iPhone 5, iPad mini and iPad 4 are now available in more than 100 countries having gone on sale globally on September 22. They were released in China last month, with sales of the iPhone 5 topping two million units in its first weekend on sale.

Apple CEO Tim Cook (pictured) said: “We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter. We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.”

Apple CFO Peter Oppenheimer added: “We’re pleased to have generated over $23 billion in cash flow from operations during the quarter. We established new all-time quarterly records for iPhone and iPad sales, significantly broadened our ecosystem, and generated Apple’s highest quarterly revenue ever.”

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