Apple posts record profits but iPad sales miss expectations

Q1 2012 is another record breaker with profits up 94 per cent on 2011

Sales of Apple's iPad tablet are up 151 per cent on last year as the company announces a 94 per cent rise in profits. So why all this talk of missing expectations?

Apple has once again smashed the expectations of Wall Street analysts by announcing another record quarter with profits up 94 per cent on the same period in 2011.

The company announced net income of $11.6 billion (£7.18bn) after bringing in $39.9 billion (£24.72bn) in revenue, making it the most profitable three month period in the company's history.

The company exceeded expectations for iPhone sales, shifting 35.1m units, when many analysts had expected a mightily impressive tally of around 31-32m.

However, despite the launch of the new iPad 3 (which shifted 3 million units in the first weekend alone), towards the end of quater ending March 31st, sales failed to match the lofty 12-13m predicted by Wall Street's finest.

The company still sold 11.8m iPads, which is up an astonishing 151 per cent on the previous year, so it's unlikely that the company will be sobbing over falling slightly short on that front.

The company sold 4 million Macs and 7.7 million iPods. Sales of the latter continue to fall each quarter, but largely due to the overwhelming popularity of iOS devices taking their place. The company says that 360m of them are now in circulation and just about everyone on the planet already owning a perfectly functioning iPod.

Other noteworthy items from the earnings call: Apple now has $110 billion in stockpiled cash, 600,000 apps now abide within the App Store and 200,000 of those are specifically for iPad. Mac OS X Mountain Lion will also ship this summer, according to the call.

Via: AllThingsD