Apple Posts Record Q1 Results, Shares Take a Tumble
Article by George Norman
On 24 Jan 2013
On Wednesday, Apple made public the financial results for its Q1 2013 which ended on December 29, 2012. Apple reported record results of $54.5 billion revenue and $13.1 billion profit. Despite this fact, Apple shares took a tumble.

On Tuesday it was Google who made public the financial results of the quarter that ended in December 2012. For its Q4 2012, Google reported consolidated revenues of $14.42 billion, a 36% increase compared to the previous year quarter.

On Wednesday, it was Apple’s turn to take the spotlight and present the results of the quarter that ended in December 2012. For its Q1 2013, Apple reported revenues of $54.4 billion and a profit of $13.1 billion (that’s $13.81 per diluted share). Apple also announced that in Q1 2013 it sold a total of 47.8 million iPhones, 22.9 million iPads, 4.1 million Macs, and 12.7 million iPods.

“We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter,” said Apple CEO Tim Cook. “We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.”

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“We’re pleased to have generated over $23 billion in cash flow from operations during the quarter,” said Peter Oppenheimer, Apple’s CFO. “We established new all-time quarterly records for iPhone and iPad sales, significantly broadened our ecosystem, and generated Apple’s highest quarterly revenue ever.”

Even though Apple reported record quarterly results, its shares did not get a nice boost as numerous investors were expecting. Instead, the shares took a tumble – initially by 5% and later by 10%. Worries about slow growth, the fact that the financial results were weaker than what analysts expected, and the fact that investors were expecting Apple to sell more iPhones are the main reasons for the tumble.

In related Apple news, the Steve Jobs biopic starring Ashton Kutcher is said hit the theaters on April 19th.







Tags: Apple, Q1 2013, revenue, financial results, Google, Steve Jobs, Ashton Kutcher
About the author: George Norman
George is a news editor.
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