Apple profits rise 24 percent on iPhone 5 sales

New York TimesOctober 25, 2012 

Apple said Thursday that its profit jumped 24 percent last quarter, buoyed by sales of its new iPhone.

The quarter was the first to reflect sales of the iPhone 5, which was introduced Sept. 21, nine days before the quarter’s end. Apple has struggled to make enough of the devices to meet customer demand, making the iPhone 5 tough to find in many retail stores. Apple’s shares have fallen 9 percent since the product hit the market, in part because of investor concerns about a shortage of the device.

Underscoring how drastically Apple’s business has been transformed by mobile products, Apple’s revenue from the iPhone rose 56 percent to $17.13 billion, making up 48 percent of the company’s total revenue for its fiscal fourth quarter, which ended Sept. 30. It sold 26.9 million iPhones, 58 percent more than a year earlier.

Apple said its net income was $8.22 billion, or $8.67 a share, compared with $6.62 billion, or $7.05 a share, a year ago.

Revenue for the period rose 27 percent to $35.97 billion from $28.27 billion a year ago. Apple’s revenue for the full fiscal year was $156.5 billion. To put that in perspective, Apple’s revenue for the year exceeded that of Microsoft, Google and Facebook combined for the same period.

Analysts surveyed by Thomson Reuters had expected Apple to report earnings of $8.75 a share and revenue of $35.8 billion. The results were well ahead of Apple’s own forecast of $7.65 a share in earnings and $34 billion in revenue for the period.

“We’re very proud to end a fantastic fiscal year with record September quarter results,” said Timothy D. Cook, Apple’s chief executive. “We’re entering this holiday season with the best iPhone, iPad, Mac and iPod products ever, and we remain very confident in our new product pipeline.”

For the holiday quarter, Apple forecast earnings of $11.75 a share and revenue of $52 billion.

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