Apple has reported record financial results for the first quarter of its fiscal 2011, with revenue and earnings both up by over 70 percent.
The company posted revenue of $26.74 billion for the three months ending December 25, up from $15.68 billion at the same time last year, representing an increase of 71 percent. International sales accounted for the majority, 62 percent, of revenue reported.
Quarterly net profit came in at $6 billion, up 78 percent from the year before’s $3.38 billion.
Due to the massive increases, diluted share prices nearly doubled from $3.67 per share to $6.43.
Much of the growth in this period was down to high demand for Mac computers, iPhones and iPads, all of which would have benefited from the Christmas season shopping. 4.13 million Macs were sold, up 23 percent on last year. 16.24 million iPhones were sold, up 86 percent, while 7.33 million iPads were sold in the device’s first holiday period to date.
All was not good for Apple products, however, as the iPod saw a decline of seven percent to 19.45 million units, but that is still a fairly healthy number.
Steve Jobs, CEO of Apple, said he was very pleased with the results, but he announced on Monday that he would be taking a leave of absence from the company for medical reasons, which caused many to wonder about the future of the company that Jobs made so successful.
Those worries carried over into share prices, which fell 6.5 percent yesterday, knocking off up to $20 billion of the company’s value. Despite posting very positive financial results, the company has failed to increase share prices, with another fall of $7.83 or 2.25 percent today pulling stock value down to $340.65.
Clearly the market is well aware that Apple’s figures for the past three months were when Jobs was still at the head and investors are unsurprisingly worried about the future of their money.