Apple Posts Record $20 Billion in 3rd-Quarter Sales

Published by: Kelly Curtis on 18th Oct 2010 | View all blogs by Kelly Curtis
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Apple Posts Record $20 Billion in 3rd-Quarter Sales

Apple announced third-quarter results on Monday, and the company's popular iPad and iPhone products drove the company's sales to an all-time record $20 billion.  Apple sold an estimated 14.1 million iPhones between July and September, a 91 percent sales increase from 2009's third-quarter and easily ahead of analysts' expectations.

The company's Chief Operating Officer Tim Cook said on a conference call with analysts that the sales figures would've been even higher, but the company could not keep up with demand.  Online orders for iPhones have been on backorder ever since the device debuted in July.

Apple sold 3.9 million Macint6osh computers in the quarter, a 27 percent increase over the same period last year and also beating estimates.  The company also reported sales of 250,000 of its Apple TV devices.  Sales of iPads, however, failed to meet analysts' estimates.  The company reported selling 4.2 million of the tablet computers, compared to 3.3 million in the previous quarter, and well below analysts' expectations of 5 million sales.  The company indicated that the $2.7 billion in iPad sales, a revenue stream that didn't even exist six months ago, accounted for 13 percent of quarterly revenue.

Investors focused on the worse-than-expected iPad sales sent shares of the company down 5 percent after trading closed on Monday.  Overall, the company turned a profit of $4.3 billion for the quarter, or $4.64 per share, up 70 percent from a year ago, and significantly surpassing Wall Street forecasts.

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