April 25th, 2012
06:53 AM GMT
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Hong Kong (CNN) – Apple, the world’s most valuable company, nearly doubled its profit in the last quarter based on stronger-than-expected iPhone sales, according to CNNMoney.

The company beat analyst predictions thanks to 35.1 million iPhones sold worldwide from January through March. To help put that figure into perspective, CNN’s Katy Byron spoke to Gene Munster, a senior analyst who covers Apple at Piper Jaffray. A quick breakdown:

  • Apple sold an average of 385,000 iPhones per day the past quarter
  • That’s 16,000 handsets sold each hour a day
  • An average of 5,400 Apple’s iPads left the shelves per hour

As the Financial Times notes “even Tim Cook, Apple’s new chief executive, appeared taken aback” by the huge quarterly growth. “It is mind-boggling that we could do this well,” he said during a conference call with analysts on Tuesday.

The reason? In a word – China. Sales from China – where the iPhone 4S went on sale – were $7.9 billion, or 20% of the company’s total revenue. “Growth in China for iPhones was 500% year-over-year overall iPhone sales 88% year-over-year worldwide,” Munster told CNN.

And there’s room for Apple to grow in China this year. The iPhone launched on China Unicom and China Telecom this past quarter, but still is only available with 25% of phone carriers in China. “China Mobile still missing – which is like AT&T and Verizon combined here in U.S.,” Munster said. “They'll get that when iPhone 5 comes out (likely) in October 2012.”

Moreover, the strong quarterly results shows strong growth in the developing world as a whole – an area where many wondered whether Apple’s premium line of products could find success. “They've proven that they can sell in emerging markets,” Munster said.

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Filed under: AppleBusiness

soundoff (14 Responses)
  1. Marcel

    If they would produce at least a few percent of that in the US, the country would maybe not have the problems they have. But the profit counts. All of the billions they earn now will be gone very quickly when apple has bad times again.

    April 25, 2012 at 8:17 am |
  2. Intrepid

    So I guess one could say that people have enough food to eat. So much for the world recession right? Priorities are very mixed in today's drama of by this and buy that.

    April 25, 2012 at 10:10 am |
  3. Garavi Gujarat

    Apple is the best company for i-phone, that everybody knows it,

    April 25, 2012 at 11:55 am |
  4. bob

    thats 26 iPhone's per minute.....WOAH!!!

    April 25, 2012 at 1:01 pm |
  5. JB

    I think bob needs a calculator app.....

    April 25, 2012 at 3:17 pm |
  6. Put Chetra Rom

    I think over and over again that iPHONE could be completely sold a very huge amount within an hour.... Amazing!
    I wish I had one sooner...

    April 25, 2012 at 4:52 pm |
  7. Dark Soul

    And they hire 33 child laborers per hour!

    April 25, 2012 at 5:06 pm |
  8. Sven

    If they produce a small percent in USA? A couple hundred million will save the US economy?

    April 25, 2012 at 7:25 pm |
  9. truth hurts

    An american made product made in china pity all those proffits not going to us citizens !! but at least the US gov still getting a share from tax !! maybe one day a product thats made in the USA will stay in the USA ..............

    April 25, 2012 at 10:09 pm |
  10. truth hurts

    Steve jobs !!pity he didnt create any in the USA ........

    April 25, 2012 at 10:11 pm |
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