Wireless industry News » Apple Beats Expectations, Posts Blockbuster Quarter
It seems as though Verizon’s loss is Apple’s gain. Apple posted its first-ever quarterly results without founder Steve Jobs at the helm, and they were impressive indeed. Apple reported overall revenue rising 73 percent to U.S.$46.33 billion driven by unprecedented sales of iPhones and iPads, according to a Reuters report. The company said it sold 37.04 million iPhones and 15.43 million iPads (more than HP sold PCs), doubling its pace from a year earlier and swelling its cash coffers to U.S.$100 billion.
After the news, shares in Apple rose 8 percent to U.S.$452 in extended trading and closed at U.S.$420.41 on the NASDAQ exchange.
“The iPhone 4S was deemed disappointing,” said Katie Lewis, associate analyst at Yankee Group. “And now Apple is the top smartphone manufacturer in the world. In Yankee Group’s recent report, 'The Runaway Smartphone Landscape,' we find that iOS is the only mobile phone operating system poised to gain market share in the next six months--Apple’s most recent quarterly success is just the start of it. Smartphone pioneers, those who comprise the smartphone owning population today, want iPhones while feature phone owners want Android-based devices. So, as the population of smartphone owning individuals grows, so too will the popularity of iPhones.”