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Apple reports quarterly profit of $6 billion

Posted on Wednesday, January 19 2011 @ 01:15:29 CET by


Apple closed its fiscal 2011 first quarter with record revenue of $26.74 billion and record net quarterly profit of $6 billion, or $6.43 per diluted share. This compares to a revenue of $15.68 billion and earnings per share of $3.67 a year ago, and beats analyst expactations of $26.3 billion and $6.29, respectively.

Apple Mac sales soared 23 percent year-over-year to 4.13 million, iPhone sales are up 86 percent year-over-year to 16.24 million units and iPad sales hit 7.33 million units. The iPod hype on the other hand continues to lose steam as sales declined by 7 percent to 19.45 million units.
Apple® today announced financial results for its fiscal 2011 first quarter ended December 25, 2010. The Company posted record revenue of $26.74 billion and record net quarterly profit of $6 billion, or $6.43 per diluted share. These results compare to revenue of $15.68 billion and net quarterly profit of $3.38 billion, or $3.67 per diluted share, in the year-ago quarter. Gross margin was 38.5 percent compared to 40.9 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter’s revenue.

Apple sold 4.13 million Macs during the quarter, a 23 percent unit increase over the year-ago quarter. The Company sold 16.24 million iPhones in the quarter, representing 86 percent unit growth over the year-ago quarter. Apple sold 19.45 million iPods during the quarter, representing a seven percent unit decline from the year-ago quarter. The Company also sold 7.33 million iPads during the quarter.

“We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales,” said Steve Jobs, Apple’s CEO. “We are firing on all cylinders and we’ve got some exciting things in the pipeline for this year including iPhone 4 on Verizon which customers can’t wait to get their hands on.”

“We couldn’t be happier with the performance of our business, generating $9.8 billion in cash flow from operations during the December quarter,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the second fiscal quarter of 2011, we expect revenue of about $22 billion and we expect diluted earnings per share of about $4.90.”
Apple (AAPL) shares surged to a fresh all-time high of $357 after the news hit the wire but after the initial enthusiasm a selloff took the shares back to $344.91 (+1.25%).


 



 

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