Apple's Quarterly Results: Record-Breaking, Not A Flop

Apple's financial figures are out, and a surprise to doomsayers. Apple has just reported its quarterly finances for the crucial holiday season period, and has headlined them "Record breaking." Revenues of $54.5 billion were a record, up from $46.3 billion a year ago. Net profit of $13.1 billion--a record, Apple says--matches the figure from 2011, which was also a record. But Apple carefully points out that this period in 2012 was a 13-week one, thanks to the variable calendar, compared to a 14-week one in 2011. Given that this is the holiday gift-buying season quarter, and that the iPhone (Apple's key seller) only went on sale at the beginning of these periods, this argument makes great sense. International sales, Apple notes, represented 61% of this quarter's revenue.Read Full Story