Apple just reported the kind of mammoth earnings that most companies only dream of in these dreary economic days: $US28.57 billion of revenue resulting in $US7.31 billion earnings, profits that were more than double a year ago. Yowza.
Apple moved 9.25 million iPads and 20.34 million iPhones in the last three months, although it's not clear yet how those figures break down between previous-generation and current devices. Macs sales were up 14 per cent to nearly four million units, while the iPod continued its steady descent into oblivion, with 7.54 million devices sold - a 20 per cent decrease compared to the same quarter last year.
The company's going to hold a call at 5pm to discuss the results; we'll be listening in to update as warranted.
Apple Reports Third Quarter Results
All-Time Record Revenue and Earnings
iPhone Sales Grow 142 Percent; iPad Sales Grow 183 Percent
CUPERTINO, Calif.—(BUSINESS WIRE)—Apple® today announced financial results for its fiscal 2011 third quarter ended June 25, 2011. The Company posted record quarterly revenue of $US28.57 billion and record quarterly net profit of $US7.31 billion, or $US7.79 per diluted share. These results compare to revenue of $US15.70 billion and net quarterly profit of $US3.25 billion, or $US3.51 per diluted share, in the year-ago quarter. Gross margin was 41.7 percent compared to 39.1 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter's revenue.
"Management's Discussion and Analysis of Financial Condition and Results of Operations"
The Company sold 20.34 million iPhones in the quarter, representing 142 percent unit growth over the year-ago quarter. Apple sold 9.25 million iPads during the quarter, a 183 percent unit increase over the year-ago quarter. The Company sold 3.95 million Macs during the quarter, a 14 percent unit increase over the year-ago quarter. Apple sold 7.54 million iPods, a 20 percent unit decline from the year-ago quarter.
"We're thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent," said Steve Jobs, Apple's CEO. "Right now, we're very focused and excited about bringing iOS 5 and iCloud to our users this fall."
"We are extremely pleased with our performance which drove quarterly cash flow from operations of $US11.1 billion, an increase of 131 percent year-over-year," said Peter Oppenheimer, Apple's CFO. "Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $US25 billion and we expect diluted earnings per share of about $US5.50."