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Apple net income more than doubles, becomes most valuable company

It was a big day for Apple Inc as the tech giant, once again, became the most valuable company in the US surpassing Exxon Mobil thanks to its huge October-December quarter results with an income of USD 13.06 billion.


Zeebiz Bureau

New York: It was a big day for Apple Inc as the tech giant, once again, became the most valuable company in the US surpassing Exxon Mobil thanks to its huge October-December quarter results with an income of USD 13.06 billion.

Apple Inc late Tuesday reported a net income of USD 13.06 billion for the October-December quarter, more than double of its net income of USD 6 billion in the first quarter ended December 25, 2010, helped by strong sales of iPhone, iPad and Macintosh computers.
     
And thanks to its huge fiscal quarter result, Apple has again surpassed Exxon as the most valuable US company.

In Wednesday midday trading, Apple Inc.'s stock was up nearly 7 percent to USD 448.79, bringing the iPhone and iPad maker's market capitalization to about USD 418.5 billion.

On the other hand, Exxon Mobil Corp. shares are down 1 percent USD 86.23. That gives the oil company a market cap of about USD 413 billion.
     
The company has registered a record revenue of USD 46.33 billion during October-December quarter of 2011 compared to USD 26.74 billion in the year-ago period.
    
"We are thrilled with our outstanding results and record-breaking sales of iPhones, iPads and Macs. Apple's momentum is incredibly strong, and we have some amazing new products in the pipeline," Apple CEO Tim Cook said.
      
During the quarter, Apple sold 37.04 million iPhones, representing 128 percent unit growth over the year-ago quarter. The company sold 15.43 million iPad units in the quarter under review, more than double (111 percent) what it sold a year earlier.
     
In addition, the company sold 5.2 million Macintosh computers, up 26 percent from a year ago. In contrast, Apple sold 15.4 million iPods, a 21 percent decline from the year-ago quarter.
      
Apple has generated over USD 17.5 billion in cash flow from operations during the December quarter.
     
Looking ahead to the second fiscal quarter of 2012, which will span 13 weeks, the company's CFO Peter Oppenheimer said," we expect revenue of about USD 32.5 billion and we expect diluted earnings per share of about USD 8.50."

With agency inputs

From Zee News

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