Apple posts 39 per cent lift in quarterly net profit

While Apple claimed record sales of its Mac and iPad computers, the technology giant missed analyst expectations.

The company has been hit by a fall in sales of its flagship iPhone product. In the quarter, the company sold 17.1 million iPhones, a lift of 21 per cent on the previous year. But it sold around 20 million less iPhones than it did in the previous quarter.

Apple recorded an increase of net sales of US$6.62 billion to US$28.27 billion for the three months to 24 September, up from US$20.34 billion for the same period in 2010. Net profit for the quarter was US$6.62 billion.

Apple's full year net income hit US$25.92 for the year to 24 September, compared with US$14.01 billion last year.

Apple's quarterly earnings are the first under new chief executive Tim Cook, with sales of its iPads reaching 11.12 million.

Peter Oppenheimer, chief financial officer at Apple, claims the tech giant recorded a "record September" quarter revenue and expects the next quarter to see revenues of around US$37 billion.

Cook said: "Customer response to iPhone 4S has been fantastic, we have strong momentum going into the holiday season, and we remain really enthusiastic about our product pipeline."

This article was first published on marketingmagazine.co.uk