Apple, Selling 3.5M iPhones Per Week, Nets $13B Q1 Profit
The world's most profitable company posted record quarterly revenue of $54.5 billion and quarterly net profit of $13.1 billion. All of this selling took place in a mere 13-week period.If you're a company selling 3.5 million iPhones and 1.7 million iPads per week, it's safe to say you'll have good news for your stockholders come quarterly report time. This was precisely the case Jan. 23, when Apple revealed its first-quarter 2013 financial results. The world's most profitable company posted record quarterly revenue of $54.5 billion and quarterly net profit of $13.1 billion, resulting in a whopping $13.81 per stock share. All of this took place in a mere 13-week period. Apple's report follows by one day its rival Google's record quarterly numbers, in which the search giant became the first primarily Web-based company to break the $50 billion mark in annual revenue. Google also makes the Android operating system for mobile devices, which currently dominate world markets and compete head to head with Apple's iPhone. A year ago, Apple posted quarterly revenue of $46.3 billion and net profit of $13.1 billion in what worked out to a 14-week quarter. Gross margin in the latest report was 38.6 percent compared with 44.7 percent in Q1 2012. International sales accounted for 61 percent of quarterly revenue.
Despite the glossy numbers, hard-to-satisfy Wall Street wasn't overly pleased. Apple missed the Street's revenue forecast for the third straight quarter because iPhone sales, despite the solid numbers, came in just below expectations. Apple said it shipped a record 47.8 million iPhones in Q1, which was up 29 percent from the year-ago period but below the 50 million that analysts had expected to see.