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Apple racks up record iProfit

Apple racks up record iProfit
It seems Apple can do no wrong; the company's stock has climbed above $400 on the back of record sales and profit for the quarter.

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It seems Apple can do no wrong, notching up US$28.57 billion in sales and a net profit of $7.31 billion for the three-month period ending June 25. Not long after the announcement, the company's stock price soared to more than $400 for the first time.

“We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent,” says chief executive Steve Jobs. “Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall.”

Apple is also about to release OS X 10.7 Lion, its first digital-only OS upgrade, as well as a new MacBook Air.

It's the iPhone and iPad, however, which boosted Apple's bottom line.  The company says it sold 20.34 million iPhones during the last quarter, a 142 percent over the same period last year. It also set a new record, smashing the 18.65 million mark set just three months ago.

Meanwhile, the iPad launched in 36 countries in the June quarter, which represented its first full fiscal quarter of sales. Those added up to 9.25 million sold, which represents a 183 percent increase from the same time in 2010. 

And with nearly 4 million computers sold, Mac sales were up 14 percent from last year, growing in all regions and the Asia-Pacific area in particular.

“We are extremely pleased with the momentum of our business,” chief financial officer Peter Oppenheimer says.

“Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50.”

Oppenheimer says Apple recorded $35 billion in year-over-year revenue growth and $9.5 billion in year-over-year earnings growth (increases of 78 percent and 99 percent), according to Macworld.