Apple Posts Solid Fourth-Quarter Results, $41 Billion Net Income, iPhone 5 Boost Profits 24 Percent

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Apple released solid financial results for its fourth quarter Friday, ending Sept. 29. Profits rose 24 percent on the sale of its iPhone 5, which was released on Sept. 21, and accounted for 48 percent of its total quarterly revenue, at $17.3 billion.

The company reported selling 26.9 million iPhones for the quarter, representing a 58 percent increase over last year's quarter, based on a press release. However, Apple is having trouble keeping up with orders, which has made profits lower than expected, according to major media sources.

It also sold 14 million iPads, a 26 percent increase over the year-ago quarter, and 4.9 million Macs, a one percent increase over the same quarter in 2011. iPods sales dropped by 19 percent , with 5.3 million sold.

Apple's quarterly revenue was $36.0 billion with a net profit of $8.2 billion, compared to revenue of $28.3 billion and net profit of $6.6 billion in the year-ago quarter. International sales accounted for 60 percent of the quarter's revenue, according to the statement on Apple's site.

"We're very proud to end a fantastic fiscal year with record September quarter results," said Tim Cook, Apple's CEO. "We're entering this holiday season with the best iPhone, iPad, Mac and iPod products ever, and we remain very confident in our new product pipeline."

"We're pleased to have generated over $41 billion in net income and over $50 billion in operating cash flow in fiscal 2012," said Peter Oppenheimer, Apple's CFO in the press release. "Looking ahead to the first fiscal quarter of 2013, we expect revenue of about $52 billion and diluted earnings per share of about $11.75."

This was a big week for Apple which launched it much ballyhooed iPad Mini in San Jose Tuesday along with some sleek upgrades to a few of its other popular products, including a new 13 inch MacBook Pro.

According to CNN Money, the white iPad Mini sold out within 20 minutes of going on sale at 3 AM EST Friday. It is supposed to ship and hit stores Nov. 2.

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