Apple Update: Profits Almost Double on iPad and iPhone sales

Apple
Apple

SAN FRANCISCO -Apple Inc.s’ (AAPL) fiscal second-quarter profits almost doubled as the authority in consumer electronics reported powerful sales of its iPad, iPhone and Mac products.

According to the latest update: Apple profits are up 94% compared to last year; highest were the iPad, iPhone and Mac sales in 2012s first quarter; and total cash sales are above the $110 billion mark.

Shares increased 7.2% to $600.76 in trading after hours, and for a while went above $600 again as the results topped all expectations of analysts. Apple reports that it was the most ever in earnings and revenue for a March quarter.

According to chief financial officer Peter Oppenheimer, the retail sales was a record, and he called it the most amazing ever.

Launch of the iPad

It was a huge quarter for Apple’s iPhone as it launched the 3rd-generation tablet in the middle of March and chopped the launch price to $399 for the iPad2. Although this move was a belated one, it still sold 11.8 million tablets during the first-quarter, up from 151% last year.

iPhone sales

The number of iPhones sold was also strong. Apple sold 35.1 iPhones, an 88% increase from last year. This out did the growth of the smartphone market overall, wherein sales grew 42% year-over-year.

Apple retail and Mac growth

The sales of Macs also set an Apple record. 4 million Macs were sold – an increase of 7% from last year. The complete PC industry advanced 2% over the March quarter, which makes it six years that Mac was the leader of the pack for PCs generally.