Apple posts $13.1 billion in net profit for fiscal year 2014 Q1


Apple announced the results for Q1 of the fiscal year 2014 (ending December 28th, 2013), announcing quarterly revenue of $57.6 billion with a net profit of $13.1 billion. The record revenue was driven by all-time quarterly records in iPhone and iPad sales.

For the quarter that encompassed the 2013 holiday season, Apple moved 51 million iPhones. The company sold 47.8 million iPhones for the same period in 2012. 26 million iPads were sold compared to 22.9 million the year prior. Apple sold 4.8 million Macs for the quarter.

In a conference call yesterday, CEO Tim Cook addressed some of the successes and challenges for the quarter while providing a glimpse at what we might expect down the road. Some of the highlights:

  • Apple underestimated demand for the iPhone 5s, while Cook admitted iPhone 5c sales were lower than anticipated
  • Of mobile payments, Cook said, “it was one of the thoughts behind Touch ID
  • CFO Peter Oppenheimer called iOS 7 the most popular operating system in the world with an 80 percent adoption rate
  • The iPhone accounts for 69 percent of smartphones in Japan
  • iPod sales have decreased by half since for the same quarter a year prior

[via Apple]

Continue reading: