AAPL Q3 2011 earning revenue up 82%, Apple has just posted its third quarter earnings and with it, some huge sales numbers for iPad and iPhone.
The company sold 20.34 million iPhones and 9.25 million iPads during the quarter, increases of 142 percent and 183 percent, respectively, versus the same period last year. - AAPL Q3 earning
Those numbers, along with a 14% year-over-year increase in Mac sales, pushed Apple to record quarterly revenue of $28.57 billion and record quarterly net profit of $7.31 billion. Following the results, Apple now has more than $75 billion in cash.
In a statement, Apple CEO Steve Jobs said, “We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent. Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall.”
In all, Apple has now sold more than 25 million iPads, with growth seemingly accelerating. In the company’s previous quarter, it sold 4.69 million iPads. The iPad 2 was introduced in March, towards the end of the company’s fiscal second quarter, meaning most of the third quarter’s iPad sales were for the new device.
Shares of Apple were trading up more than 5% to $397 per share in after hours trading — a new all-time high for the company. AAPL Q3 earning 2011
After a record setting quarter that shattered Wall Street estimates, Apple is in a position to become the most valuable company in the world.
The company announced on Tuesday that it sold 20.34 million iPhones and 9.25 million iPads in the second quarter of 2011, up by 142% and 183% respectively. That translated to a quarterly record revenue of $28.57 billion and a record net profit of $7.31 billion.
The result? Apple shares soared by more than 4% in after hours trading to $394. That translates to a market capitalization of $364 billion.
Despite that growth, Apple remains the second most valuable company in the world.
Last year, Apple surpassed Microsoft’s market cap and took the title of the world’s most valuable tech company with a market cap of $223 billion. Only one company exceeded its worth: Exxon Mobil, whose net worth at the time was $281.5 billion. Today, the oil giant is worth an astounding $412 billion.
Can Apple catch up with Exxon and become the world’s most valuable company? If Apple continues to post record-breaking earnings, it’s definitely possible. However, Exxon Mobil’s profits are soaring as well, and energy tends to perform better than consumer electronics in a stagnant or down economy (you don’t need an iPad, but you still need to drive your car).
Our verdict? These two companies are going to continue breaking revenue and profit records, but unless something drastic happens at Exxon or Apple, it may be some time until the technology company beats the oil giant. AAPL Q3 earning 2011
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