Apple's Profits Nearly Double Year on Year

Apple doesn't have a license to print money, but it might as well have. Everything the Cupertino company touches turns to cold, hard cash, and if you don't believe it, then explain how Apple managed to nearly double profits from last year. The numbers are borderline obscene, as in posting $39.2 billion in quarterly revenue and $11.6 billion in quarterly net profit, up from $24.7 billion and $6 billion, respectively, from one year ago.

The Cupertino outfit said it sold 35.1 million iPhones in the quarter, which is 88 percent more than it did last year. Apple also sold 11.8 million iPads, up a whopping 151 percent over the same quarter in 2011, 4 million Macs (7 percent year-on-year increase), and 7.7 million iPod devices, down 15 percent from a year ago.

Image Source: Flickr (nechbi)

"We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter," said Tim Cook, Apple’s CEO. "The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.

Clearly Apple's business strategies are working, and investors who thought the company might fold after the death of Steve Jobs should reformulate their expectations. That said, Tim Cook hasn't been at the helm for very long and so it's still possible that Apple could see a decline in sales as time goes on, but with almost double the profits as last year, there's plenty of wiggle room.
Tags:  Apple, iPhone, Mac, ipad