Apple crushes expectations with record quarter
Apple has crushed Wall Street expectations with a record quarter that saw revenue increase 50% to $US43 billion on the back of record iPhone, iPad and Mac sales.
Revenue for the three months ending December 31 was $US43 billion (up from $US26.74 billion in the year-ago quarter).
Net profit was $13.06 billion, up from a year-ago $6 billion - and nearly 50% ahead of the consensus analyst estimate.
That net profit exceeded Google's entire revenue ($US10.6 billion for the quarter - a record for the search giant).
iPhone sales – 17 million in the previous quarter – jumped to 37 million (easily a record), fuelled by the new iPhone 4S.
The result indicates around 378,000 iPhones a day were activated with phone companies over the quarter - a big jump on the previous quarter's 190,000 per day, but still behind the 700,000 a day recently claimed by Google for handsets (made by Samsung, Sony, HTC, LG, Huawei and others) running its Android software.
iPad sales hit 15.4 million, a 111% increase over the year-ago quarter.
Apple's iPad and iPhone product lines now account for 72% of its quarterly revenue.
The gadgets' "halo effect" is also obvious. The company also sold 5.2 million Macs during the quarter, a 26% increase. The same quarter a decade ago, it sold 746,000.
Apple shares (NAS:AAPL) - halted in the regular session ahead of the announcement - jumped 10% after hours. The rise took Apple to an all-time high of over $452 per share, valuing the company (which already boasted the world's highest market cap) at more than $US420 million, putting it ahead of oil giant Exxon Mobil (on around $US416).
The company generated $17.5 billion cashing during the quarter, and is now sitting on a $US97 billion pile.
The company's earnings conference call will be webcast here.
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Comments and questions5
Running at more than $420m market cap in after-hours trading. Exxon Mobil is $416 bn or so, so Apple's the biggest again.
This is testimony as to the stupidity of people. Apple stuff is shiny and overhyped, and overpriced.
Owning an apple product locks you into itunes and that is akin to being tipped upside down and having ones pockets emptied....
I think you over reacted here.
The success of Apple in consumer products is a testimony of the innovation and marketing/branding ability of Steve Jobs.
He innovated a phone that everyone (not me) wants.
I don't get it, why do people get so upset about Apple? If you like the stuff then buy it, if you don't then don't! I've got a basic iPod Nano because it works and it only cost a minimal premium compared to products that are a bit more fiddly. I don't have any other Apple products because I don't perceive that they are worth paying the premium for, but others value them differently and I get that. It's not that complicated . . .
So Apple is the world's most valuable company with massive sales of 3 models of mobile phone, one which is 18 months old, another which is 2 1/2 years old and one model of tablet computer available with slight variations in spec.
One the other hand, Sony Ericsson is losing money and investors, Motorola has been sold to Google, HTC is losing sales, Blackberry is in freefall, Palm is no more and Nokia is in all sorts of turmoil. Google is doing great but with total revenue less than Apple's profit.
Why not applaud Apple's achievement? When they entered the mobile phone market in 2007, everybody scoffed. Now they OWN mobile phone market. Wait until the next Q when the Chinese sales results are in. :-O