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Apple Profit Up Nearly 100%

24 Apr, 2012 By: Chris Tribbey

Apple reported a profit of $11.6 billion for its second quarter ended March 31, an increase of 94% from the $6 billion profit the company posted during the same quarter a year ago.

Revenue was $39.2 billion for the quarter, up from $24.7 billion during the same quarter a year ago.

Apple sold 35.1 million iPhones during the quarter, a jump of 88%. The 11.8 million iPads sold during the quarter represented a 151% increase year-over-year. Four million Macs were sold during the quarter, a 7% increase year-over-year, while the 7.7 million iPods sold represented a 15% decline.

Apple CEO Tim Cook hailed iPhone and iPad sales.

“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,” he said.

“Our record March quarter results drove $14 billion in cash flow from operations,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion.”

During a conference call with investors, Apple revealed that the iTunes store had generated $1.9 billion during the quarter, a 35% year over year jump and an all-time record for Apple. iTunes now has a catalog of more than 28 million songs and 45,000 movies.

“We’re actually thrilled with the rate that we’re adding content into iTunes,” Oppenheimer said. “This is something that we have to do country by country, so it takes a bit of time to put in place.”

Apple also revealed that more than 125 million consumers have used the iCloud cloud storage and computing service since its October launch. The service includes video content from most major studios.

“And the fact that we could be here on the conference call with you in April just five or six months after introducing the service and have 125 million people around the world using it every day, I think, speaks for itself,” Oppenheimer said.

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