Apple Reports Q1 2013 Earnings: Record-breaking Revenue Of $54.5 Billion
Apple revealed approximately $54.5 billion in revenue, generating a net profit of $13.1 billion ($13.81 per diluted share). Compared to a total revenue of $46.33 billion and a profit of $13.06 billion ($13.87 per diluted share) generated during last year’s corresponding quarter, Apple managed to slightly increase overall earnings. Not only did Apple break their all-time quarterly record, but according to Tim Cook, they’ve easily surpassed their competitors’ earnings: “No technology company has ever reported these kind of results”.
As reported today, Apple’s iPhone sales skyrocketed to an all-time 47.8 million, which equates to an approximate 22 percent increase over the 37 million iPhones sold during Q1 of 2012. iPad sales are also up 22.9 million from 15.4 million in Q1 of 2012. It’s likely that the 32 percent iPad sales increase can be attributed to Apple’s iPad mini sales, due to the fact that the fourth-generation 9.7-inch iPad doesn’t boast ground-breaking upgrades over its predecessor.
Although setting new sales records for both the iPhone and iPad, Macintosh and iPod sales have slipped to 4.1 million and 12.7 million, compared to 5.2 million and 15.4 million respectively during Q1 of 2012. While it’s all but inevitable that iPod sales will drop in the wake of the iPhone and iPad’s rapid growth, what about the decrease in Mac sales? According to Apple’s current CEO, Tim Cook, “significant [iMac supply] constraints” are to blame.
Over all though,in spite of Apple’s record-high revenue and earnings for this past quarter, Apple’s stock is down approximately 10 percent in after-hours trading, likely due to the beyond-impressive sales figures still falling short of analysts’ predictions and expectations. Stay tuned for complete coverage on Apple and future quarterly earnings announcements.