Looks like it doesn’t pay to bet against Apple. After the stock slide of the last few weeks, many people were calling the top of Apple’s stock price. Many analysts were concerned that iPad sales were slowing down – which they did somewhat.
But what they didn’t count on was the increase in iPhone sales.
Much stronger-than-expected iPhone sales helped Apple nearly double its profit last quarter.
The world’s most valuable company said it sold 35.1 million iPhones during the first three months of 2012, soundly beating analysts’ expectations. That was a relief to investors, following weaker-than-expected iPhone activations from Verizon (VZ, Fortune 500) and AT&T (T, Fortune 500) during the quarter.
The iPhone 4S got a big boost from overseas sales in the past quarter, particularly after the device launched on China Unicom (CHU) in January and China Telecom (CHA) in March. Apple’s Asian revenues grew 32% over the prior quarter.
Apple (AAPL, Fortune 500) also announced that it sold 11.8 million iPads. Boosting sales was the launch of the third generation of the tablet, which went on sale in mid-March, as well as Apple’s decision to continue selling the very similar iPad 2 at a $100 discount.
The iPad is now Apple’s fastest-selling device, reaching 67 million sold since it launched two years ago. It took Apple three years to sell as many iPhones, five years to sell as many iPods and 24 years to sell that number of Macintosh computers.
Yet analysts were concerned that the introduction of the lower price point would hurt future profit. Average revenue per iPad fell to $558 last quarter from $593 in the previous quarter.
Overall, sales for the Cupertino, Calif.-based company rose 59% to $39.2 billion, topping the median forecast of $36.8 billion of analysts polled by Thomson Reuters.
Apple’s net income rose to $11.6 billion, or $12.30 per share, up 95% from a year earlier. Analysts forecasted earnings of $10.04 per share.
At the end of the quarter, Apple’s cash hoard grew to an astounding $110.2 billion.
$110 billion. That’s amazing. Here’s a list I found of what they could buy with that…
- the value of 72,220 bars of gold.
- the entire value of Apple in 2004.
- the value of all NFL Franchises combined.
- the entire valuation of Ford.
- the value of 20% of Google’s outstanding shares.
- the cost of forty-six billion, thirty-three million McChickens without tax.
- the entire yearly defense budget of the U.K.
- over 160 times the cost of the Louisiana Purchase (in 2011 dollars)
- 8 times the GDP of Somalia.
- US revenue from income tax of the Western United States.
- enough to buy Mark Zuckerberg 6,000 more houses.
- winning $125M lotto jackpot, everyday, for the entire year!
- 23,165 times more than Chuck Norris makes in one year
- enough to put one tenth of US high school seniors through college.
- enough to give 2 Apple scented candles to everyone. On the planet.
- the combined annual income of every resident of Rhode Island, twice.
- enough to give each Apple employee 49 new Honda Civics
Oh, wait… that was based on about $50 billion. They have twice that much in the bank, so double each item on the list.