iPad sales, full year profits soar for Apple

Apple has recorded full year profits of $25.9 billion for the financial year, up from $12 billion the previous year. Sales hit $108.2 billion, up from $65.2 billion.

Sales of the iPad were up 166 per cent in the fourth quarter ended September 24 to 11.12 million units, while the iPhone sold a further 17.07 million units, up 21 per cent.

Fourth quarter revenues were $28.27 billion with profits at $6.62 billion, compared to $20.34 billion and $4.21 billion the previous year.

The company sold 4.89 million Macs, up 26 per cent of the 2010 quarter, and 6.62 million iPods, down 27 per cent on last year.

"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," said Tim Cook, Apple's CEO.

"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."

"We are extremely pleased with our record September quarter revenue and earnings and with cash generation of $5.4 billion during the quarter," said Peter Oppenheimer, Apple's CFO.

For the current quarter in which it launched the iPhone 4S, Apple expects revenues of $37 billion and projected earnings of $9.30 per share.

Despite the high numbers, analysts were expecting higher shipments of hardware during the fourth quarter, including an expected 20 million iPhone sales. Oppenheimer addressed this in a call to investors following the results, saying the company expected lower sales due to rumours of a new model.

Tim Cook told investors he was confident the company will set a new record for iPhone sales in the current quarter.