Apple posts record $54.5bn revenues, $13.1bn profit in Q1 FY13

Apple posted record revenues for $54.5bn (£34.4bn) in Q1 FY13 (the three months to December 31 2012) along with record net profits of $13.1bn (£8.7bn).

The figures still managed to fall short of Wall Street projections, however, causing a 10% dip in Apple’s share price.

During its first financial quarter (October 1 to December 31 2012) the company saw earnings stay flat year-on-year at $13.1bn (£8.7bn) – the first time in years that Apple hasn’t posted double digit increases.

Apple shares fell in after-hours trading last night, at one point dipping more than 10%. Analysts are said to have expected both higher revenues and iPhone sales.

Apple CEO Tim Cook told investors he was more than happy with the results.

“We’re thrilled with record revenue of over $54bn and sales of over 75 million iOS devices in a single quarter,” Cook said.

“We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.”

Source: Music Week