Apple Q4 earnings: Impressive isn’t the right word…

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Apple posted its Q4 earnings yesterday and as predicted the company smashed previous records, posting record profits of $7.5 billion.

The star of the show –– once again –– was the iPhone. Apple sold 33.8 million handsets during the quarter, up from 26.9 million in Q4 2012.

“We’re pleased to report a strong finish to an amazing year with record fourth quarter revenue, including sales of almost 34 million iPhones,” said Tim Cook, Apple’s CEO. “We’re excited to go into the holidays with our new iPhone 5c and iPhone 5s, iOS 7, the new iPad mini with Retina Display and the incredibly thin and light iPad Air, new MacBook Pros, the radical new Mac Pro, OS X Mavericks and the next generation iWork and iLife apps for OS X and iOS.”

Apple posted revenues of $36 billion and net profit of $8.2 billion. Gross margin was 37% compared to 40% for the same period in 2012. International sales accounted for 60% of Apple’s Q4 revenues.

Apple also sold 14.1 million iPads during the quarter, compared to 14 million in the year-ago quarter. Apple’s PC business did not grow year-on-year, however, with 4.6 million Macs sold compared to 4.9 in Q4 2012. 

“We generated $9.9 billion in cash flow from operations and returned an additional $7.8 billion in cash to shareholders through dividends and share repurchases during the September quarter, bringing cumulative payments under our capital return program to $36 billion,” said Peter Oppenheimer, Apple’s CFO.

The iPad Air and iPad Mini 2 with Retina Display go on sale this month. 

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