Apple rakes in record profits

By Shaun Nichols on Jan 22, 2007 9:38 AM
Filed under Finance

iPod and Mac sales drive company past the billion-dollar mark for Q1.

Apple reported a record US$1bn profit for its first 2007 financial quarter, following a surge in iPod and Mac sales.

The results mark a near doubling of profits compared with the same period last year, when Apple logged a US$565m profit.

IPods proved an overwhelming success during last year's holiday shopping season, as consumers purchased more than 21 million of the portable media players. Unit sales grew by 50 percent year over year.

Apple's other signature product also did well in the quarter ending 30 December. Mac sales increased 28 percent over last year with shipments reaching 1.6 million units.

The success of Apple's two flagship products helped the company bring in more than US$7bn in revenue over the quarter, 42 percent of which came from outside the US.

Apple executives expressed high hopes for the company's second-quarter numbers. Chief executive Steve Jobs said that he expects the introductions of the iPhone and AppleTV devices to help keep profits up over the rest of the year.