Cupertino phenomenon Apple Inc doubled its profits for its financial third quarter while its turnover rose by over 80 percent compared to the same quarter last year.
Its profit for the quarter was $7.31 billion compared to $3.25 billion in the same quarter last year. Its turnover rose to $28.57 billion. Its gross margins hit 41.7 percent.
It must be doing something right, as in buy cheap and sell expensive.
Sales of its popular iPhone and its popular iPad were largely attributable for the increase in turnover and profitability. It managed to sell over 20 million iPhones in the period. It sold 9.25 million iPads – that’s treble the amount it sold in the equivalent fiducial quarter last year.
Sales of its Mac notebook were relatively flat, with some indication that Apple is cannibalising itself because the iPad is doing so well. But sales of its notebooks were better, comparatively, than sales of Windows based PCs in the same period, Apple claimed.