Record profits for Apple

Published:  26 Jan at 4 PM

Technical giant Apple posted record-breaking net profits in the final quarter of 2011 of $13.06bn (£8.36bn), an increase of 118% from the same quarter in 2010.

In the same period it also more than doubled the number of iPhones it sold in the last quarter of 2010, with an incredible 37 million iPhones sold, according to the BBC.

Chief executive Tim Cook described Apple’s momentum as “incredibly strong”, and promised some that there are some “amazing” new products planned for release. First up of course is the iPad 3, which will be released in March.

Apple's CFO Peter Oppenheimer said the company is “very happy” with the $17.5bn cash flow it generated in the December quarter. He added that in the second quarter of 2012, Apple expects to make around $32.5bn.

Apple’s shares recently reached a new high of $449, following a 6.8 per cent rise in trading on the Nasdaq technology stock exchange. The company is now valued at $420bn (£270bn), with positive analyst reaction to the news. BGC Partners’ Colin Gillis has been quoted saying that Apple is doing an “amazing job”. He believes we are currently transitioning to smart phones from feature phones, and Apple is doing well turning this change into profit.