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Apple 1Q 2008 Results: Record $1.58 Billion Profit

MacRumors

macrumors bot
Original poster
Apr 12, 2001
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Apple posted revenue of $9.6 billion and net quarterly profit of $1.58 billion, or $1.76 per diluted share during the 1Q 2008 (ending December 29th). These results compare to revenue of $7.1 billion and net quarterly profit of $1 billion, or $1.14 per diluted share, in the year-ago quarter. Gross margin was 34.7 percent, up from 31.2 percent in the year-ago quarter. International sales accounted for 45 percent of the quarter’s revenue.

Other notes:
- 2,319,000 Macs shipped (44% unit growth and 47% revenue growth)
- 22,121,000 iPods shipped (5% unit growth and 17% revenue growth)
- 2,315,000 iPhone sales

"We're thrilled to report our best quarter ever, with the highest revenue and earnings in Apple's history," said Steve Jobs, Apple's CEO. "We have an incredibly strong new product pipeline for 2008, starting with MacBook Air, Mac Pro and iTunes Movie Rentals in the first two weeks."

"Apple's revenue grew 35 percent year-over-year to $9.6 billion, an increase of almost $2.5 billion over the previous December quarter’s record-breaking results," said Peter Oppenheimer, Apple's CFO. "Our strong results produced cash flow from operations of over $2.7 billion during the quarter, yielding an ending cash balance of over $18.4 billion. Looking ahead to the second quarter of fiscal 2008, we expect revenue of about $6.8 billion and earnings per diluted share of about $.94."

We will be highlighting notes of interest from the pending conference call here.

Article Link
 

me_94501

macrumors 65816
Jan 6, 2003
1,009
0
$9.6 billion in revenue?? Just to think only a few years ago Apple couldn't pull in that much in a year! :eek:
 

Unspeaked

macrumors 68020
Dec 29, 2003
2,448
1
West Coast
That's because of the overall market. It will probably start going back up to where it belongs, especially since Apple has proven that it can survive tough times through its innovations.

No, the $5 it was down during the regular session is because of the overall market.

The $15 it's down after-hours is directly tied to this earnings report.
 

Queso

Suspended
Mar 4, 2006
11,821
7
That's because of the overall market. It will probably start going back up to where it belongs, especially since Apple has proven that it can survive tough times through its innovations.
However, the valuation of AAPL is based on future income continuing to increase, evidenced by the high P/E ratio. If the markets think revenues and income are levelling off, the stock is going to tank.
 

NewSc2

macrumors 65816
Jun 4, 2005
1,044
2
New York, NY
That's because of the overall market. It will probably start going back up to where it belongs, especially since Apple has proven that it can survive tough times through its innovations.

Surviving isn't the only thing it has to do. Apple's P/E ratio is really high, and with the economy going down, people would be more apt to purchase lower-priced alternatives (mp3 players, phones, laptops, etc.). This could more be viewed as a stock correction than a collapse.
 

shawnce

macrumors 65816
Jun 1, 2004
1,442
0
Stock is down 16% in after hours!!! WTF!

Analyst projected above what Apple stated for iPods, etc. (need to go dig up Apple's guidance for Q1 to see if Apple missed its own estimates but I doubt they did)
 

MarkMS

macrumors 6502a
Aug 30, 2006
992
0
I knew I should have sold my few shares at $200.

Glad to hear that this is Apple's highest revenue and earnings report.
 

Chiggs

macrumors member
Jan 4, 2007
76
0
You have to love a quarter when they sold 2 million+ Macs. It seems like only a couple of years ago that Steve Jobs was making a big deal out of selling 1 Million Macs in a quarter.

The stock will continue to bounce around in my mind - especially given the US Economy and the uncertainty around how the MacBook Air will sell. For a long term buyers though, $135-$140 seems like a great price given it was selling north of $200 just a few weeks ago. It's getting Apple at 30% off !!!
 
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