Apple earnings still going strong post-Jobs
(Read article summary)Apple earnings report had some impressive sales numbers: a 94 percent profit increase over last year, and huge profits on iPad and iPhone sales. A lot of the growth is coming from Asian markets, and Apple earnings are expected to expand there in months to come.
Apple is sailing strong with Tim Cook at the helm. At its earnings call on Tuesday, Cupertino announced higher-than-expected revenue -- driven by a seemingly limitless market demand for iPhones and iPads.
Apple posted a record $39.2 billion in revenue and $11.6 billion in profit for the quarter ending March 31st -- almost doubling its profit from the same quarter last year. The company stock dipped before the announcement due to fears that iPhones weren't selling well, but then rose in after-hours trading by more than $40, to just over $600 per share. Put simply, investors were nervous that Apple might have lost some of its mojo -- but the numbers tell a different story.
The growth is coming almost entirely from the iOS side of things. Apple sold 35.1 million iPhones and 11.8 million iPads during the quarter -- an 88 percent increase over last year for iPhones, and a 151 percent increase for iPads -- largely in emerging markets. US iPhone activations have dropped (at least, if reports from AT&T and Verizon are to be believed) but CEO Tim Cook noted that sales in Asia, and especially in China, are soaring to make up the gap.
