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Apple wows them, profits up 118%: We didn't bet high enough, says Cook


By Noel Young, Correspondent

January 25, 2012 | 2 min read

Apple has wowed the world yet again - reporting its greatest quarterly revenue and earnings ever - after missing its forecast last quarter for the first time in years.

Tim Cook: reason to smile

What had been expected by analysts: Revenue of $38.85 billion and earnings per share of $10.08, according to Yahoo Finance.

What they got : Revenue of $46.33 billion and earnings per share of $13.87. There was a 118 percent gain in profit to $13.06 billion.

Peter Oppenheimer, Apple’s CFO, said, “We are extremely pleased with the customer response to our products and record-breaking results in the December quarter,”

The figures sent Apple shares up 8 percent in after-hours trading on Wall Street. This morning the shares opened at $454. 45 - $20 above the previous high figure of $431.37 set last week.

Just look at the sales figures: In the last quarter, iPhone sales were up 128 percent year on year to 37.04 million; iPad sales zoomed 111 percent to 15.43 million; Mac sales grew 26 percent to 5.2 million .

The iTunes Store, where customers can now browse 20 million songs, brought in $1.7 billion in the quarter.

CEO Tim Cook in a conference call with analysts said the iPhone 4S had exceeded Apple’s ambitious estimates.

“We made a very bold bet entering the quarter as to what the demand would be. Despite it being a very bold bet, we were short on supply throughout the quarter. We didn’t bet high enough." Cook added, " Our customers are loving iPhone and we are very happy with that.”

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