Apple Inc. today announced its financial results for its fourth quarter of 2011. Although the 54 percent increase in profits, the earnings result disappointed investors, and does not meet Wall Street expectations.
“We are thrilled with the very strong finish of an outstanding fiscal 2011, growing annual revenue to $108 billion and growing earnings to $26 billion. 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.”, said Tim Cook, Apple’s CEO.
Quarterly revenues of $28.27 billion with a net profit of $6.62 billion, or $7.05 per diluted share was announced by the company. International sales accounted for 63 percent of the quarter’s revenue.
Apple sold 17.07 million iPhones demonstrating an increase of 21 percent over the previous year quarter. The company sold 11.12 million iPads during the quarter, a 166 percent unit increase over the year-ago quarter. They also sold 4.89 million Macs during the quarter, a 26 percent unit increase over the year-ago quarter. Apple sold 6.62 million iPods, a 27 percent unit decline from the year-ago quarter.
Analysts were predicting earnings of $7.39 a share on revenue of $29.69 as a result of which Apple’s shares dropped by six percent after the results were announced. It is clear that a need for Steve Jobs is felt.