Big iPhone sales expected to highlight 57% Apple profit jump

Posted in iPhone News by admin. Published January 22nd, 2012

Big iPhone sales expected to highlight 57% Apple profit jump

The iPhone 4S is expected to be the star in Apple Inc. ‘s profit report on Tuesday for its fiscal first quarter, the period in which co-founder Steve Jobs died.

Analysts are projecting a 57 percent year-to-year jump in earnings to $10.07 on a 45 percent increase in revenue to $38.76 billion.

This would be a stark contrast to the previous quarter in which the company fell short of analyst expectations on revenue because of delays in introducing the new iPhone, which didn’t happen until October.

But Apple is projected to post record sales of both the new smartphone and the iPad, with analyst Michael Walkley at Canaccord Genuity for example predicting that 30.5 million iPhones and 13 million of the tablets were sold.

Sales of the iPad may have been even higher, if not for new competition from Amazon.com Inc. ‘s $199 Kindle Fire. A report last month said that Apple’s share of the tablet market had fallen from 69.7 percent to 65.6 percent.

Apple is projected by some to roll out a lower cost version of the iPad when its next generation is rolled out, something that is expected to happen this quarter. Some believe there will be a markdown on older versions to prices closer to the Kindle Fire, much as happens now with the older iPhones.

In the run-up to Tuesday’s earnings report, Apple stock (NASDAQ:AAPL) hit a new high of $431.37 on Thursday, briefly putting its market cap about $400 billion for the first time. It closed on Friday at $420.30, with a market cap of $399.99 billion.

[Thanks: http://www.bizjournals.com]

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