Apple Touts Record Earnings
19 Jul, 2011 By: Erik Gruenwedel
Tech giant sold more than 9 million iPads, underscoring the popularity of tablet computers
Apple Inc. July 19 again bested Wall Street’s ambitious projections by reporting third-quarter (ended June 25) income of more than $7.3 billion — more than double income of $3.25 billion during the previous-year period.
Cupertino, Calif.-based Apple said revenue topped $28.5 billion — almost double revenue of $15.7 billion last year — as sales of the iPad tablet computer exceeded 9 million units, a 183% increase from a year ago.
The iPad, of course, features Netflix streaming, in addition to electronic rental and sellthrough of movies and episodic TV programming via iTunes.
Apple also sold more than 20 million iPhones in the period – a 142% increase from last year. Sales of both the iPad and iPhone were driven by foreign markets, which represented 62% of Apple’s quarterly revenue.
In a statement, CEO Steve Jobs said the company was focused on rolling out the iOS 5 operating system and iCloud digital media locker in the fall. The latter promises users the ability to purchase and store music and other content (not movies or TV shows) in a digital cloud.
Both Disney and other major studios have slated launches of separate virtual video storage systems by the end of the year.
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