Earnings: Apple Provides Good Distraction To Jobs Health By Posting Record Revenue
Most Apple watchers are still dissecting the revelation, barely a week old, that CEO Steve Jobs is taking a leave of absence from Apple (NSDQ: AAPL). But perhaps Apple’s first-quarter financial results, released today, will provide some distraction: The company posted record revenue of $10.17 billion and record net profit of $1.61 billion, or $1.78 a share. Analysts surveyed by FactSet Research estimated that Apple would earn $1.29 a share on $10.16 billion in sales for its first quarter. These results compare to revenue of $9.6 billion and profits of $1.58 billion, or $1.76 a share in the year-ago period.
SEE ALSO: Apple Call: First, How’s Steve? Now, Let’s Talk About Strong iPod-iTunes Sales
Release | Transcript (via Seeking Alpha)
—Sector breakdown: Apple sold 2,524,000 Macs during the quarter, representing 9 percent growth over the year-ago quarter. The company sold a record 22.7 million iPods during the quarter, representing three percent growth, and 4,363,000 iPhones, representing 88 percent unit growth over the year-ago quarter.
—iPhone performance: In the fourth quarter, the iPhone business racked up $4.6 billion in revenues, a huge jump. Unit sales of iPhone 3G continued to be significant in the quarter ended Dec. 27, 2008, with 4.4 million iPhones sold; that compares to 6.9 million iPhones sold in the fourth-quarter period. Apple reports revenues from iPhone and Apple TV over their economic lives, but when it’s adjusted and you eliminate the impact of subscription accounting, the company said non-GAAP revenues from these two products—a majority of which came from the iPhone—were $11.8 billion in revenue and $2.3 billion in net income. The company reported these non-GAAP numbers for the first time last quarter.
—Outlook: Peter Oppenheimer, Apple’s CFO, said in a release that, “Looking ahead to the second fiscal quarter of 2009, we expect revenue in the range of about $7.6 billion to $8 billion and we expect diluted earnings per share in the range of about $.90 to $1.00.”
Photo Credit: raneko
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