Apple profits surge 77% on record sales of 4.1M Macs, 16.2M iPhones, 7.3M iPads
Apple said Tuesday that first quarter profits rose more than 77% to $6 billion, or $6.43 per diluted share, driven by record sales in three of its four major product categories, helping the electronics giant smash Wall Street's consensus estimates yet again.
The Cupertino-based company also posted record revenue of $26.74 billion for the three-month period ended December 25, 2010, or more than $2 billion above consensus estimates, as independent analyst and AppleInsider contributor Andy Zaky predicted. The 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.
Apple sold 4.13 million Macs during the quarter, a 23 percent unit increase over the year-ago quarter. The company also sold 16.24 million iPhones in the quarter, representing 86 percent unit growth over the year-ago quarter. iPod sales during the quarter totaled 19.45 million, representing a seven percent unit decline from the year-ago quarter, while iPad sales came in at 7.33 millionunits.
?We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales,? said Apple Chief Executive Steve Jobs. ?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.?
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.
?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 will provide live streaming of its Q1 2011 financial results conference call beginning at 2:00 p.m. PST. AppleInsider will have full coverage.
The Cupertino-based company also posted record revenue of $26.74 billion for the three-month period ended December 25, 2010, or more than $2 billion above consensus estimates, as independent analyst and AppleInsider contributor Andy Zaky predicted. The 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.
Apple sold 4.13 million Macs during the quarter, a 23 percent unit increase over the year-ago quarter. The company also sold 16.24 million iPhones in the quarter, representing 86 percent unit growth over the year-ago quarter. iPod sales during the quarter totaled 19.45 million, representing a seven percent unit decline from the year-ago quarter, while iPad sales came in at 7.33 millionunits.
?We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales,? said Apple Chief Executive Steve Jobs. ?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.?
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.
?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 will provide live streaming of its Q1 2011 financial results conference call beginning at 2:00 p.m. PST. AppleInsider will have full coverage.
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EDIT: I found $24.31 billion by Googling, although the source wasn’t any big name.
Look for AAPL to sink tomorrow
What was the consensus estimate?
From an earlier AI article:
Analyst Mark Moskowitz of JP Morgan has weighed in with an earnings expectations report that expects "Apple to beat our above-consensus revenue and EPS estimates of $24.778 billion and $5.38," noting that "the Street consensus is at $24.226 billion and $5.34."
What was the consensus estimate?
Wall street Analysts polled by Thomson Reuters expect Apple to post $5.38 in earnings per share (EPS) on approximately $24.38 billion in revenue.
Bloggers are looking for Apple to post $6.32 in earnings per share (EPS) on approximately $26.4 billion in revenue.
The Company posted record revenue of $26.74 billion and record net quarterly profit of $6 billion, or $6.43 per diluted share.
.....
Go AAPL!
What was the consensus estimate?
Not only does that blow away analyst forecasts, it beats even the most bullish amateur's estimates.
Look for AAPL to sink tomorrow
Consensus street estimates were for $24.38 billion in revenue and $5.38 in EPS. Crushed.
The most bullish amateur's estimates were as high as $27.80 billion in rev and $6.61 EPS. Not met. Still...
Source: http://tech.fortune.cnn.com/2011/01/...nings-preview/
What was the consensus estimate?
EDIT: I found $24.31 billion by Googling, although the source wasn’t any big name.
Here's EPS
Apple's forecast: $4.80
Consensus: $5.38
Bloggers: $6.32
Bullish Cross (Andy Zaky): $6.29
Actual EPS: $6.43
They knocked it out of the park again.
Here's Andy Zaky's forecast.
Hope not!
You're dreamin'. Steve's health was factored in over a year prior. The company continues to explode in markets.
You're dreamin'. Steve's health was factored in over a year prior. The company continues to explode in markets.
I have total faith! I was replying to John Galt's post, sorry not the article. I added more AAPL this a.m. I am so confident.
AAPL close to Fridays close in after hours trading. Hope this keeps up. I grabbed a few hundred more early this a.m. when they tanked.
Good for you! I couldn't get the price I wanted (that's been happening a lot recently)
Just you wait 'til the Win7 phone takes off! Apple will be dead meat. iPod sales falling like a rock. The Zune will live again!
You forgot to end your comment with /sarcasm .
With the $2 billion higher profits than people expected alone Apple could already easily cover a full year of significantly lower profit margins of selling the iPad 2 with a 3 times more expensive ultra high-res screen, without even having to increase the retail price compared to the current model. Of course things aren't as simple as that, but with the money like running water, if I were in charge, I'd be inclined to just say 'what the heck, just do it and let the competition bite the dust'
oh well, paid 16/share, so I should cry too loudly.