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Apple Reports Record $3.38 Billion Profit for Q1 2010 on Highest Revenue in History

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Apple today announced financial results for the first fiscal quarter of 2010, corresponding to the fourth calendar quarter of 2009. For the quarter, Apple posted revenue of $15.68 billion and net quarterly profit of $3.38 billion, or $3.67 per diluted share, compared to revenue of $11.88 billion and net quarterly profit of $2.26 billion, or $2.50 per diluted share, in the year-ago quarter. Gross margin was 40.9 percent, compared to 37.9 percent in the year-ago quarter, and international sales accounted for 58 percent of the quarter's revenue. The numbers represent the most profitable quarter in Apple's history on record-breaking revenue, and include the highest Mac and iPhone quarterly sales in company history.

The company has adopted revised accounting standards that no longer require Apple to parcel out income from iPhone and Apple TV sales over a 24-month period from the date of sale, and the company has retrospectively revised financial results for previous quarters to reflect this change. Apple previously release two sets of financial numbers, one official set utilizing this subscription-based accounting for the iPhone and Apple TV and a second "non-GAAP" set that more accurately portrayed the company's performance.

Apple shipped 3.36 million Macintosh computers during the quarter, a unit increase of 33 percent over the year-ago quarter. The company also sold 21 million iPods during the quarter, representing 8 percent unit decline over the year-ago quarter. Quarterly iPhone unit sales reached 8.7 million, up 100 percent from the year-ago quarter.
"If you annualize our quarterly revenue, it's surprising that Apple is now a $50+ billion company," said Steve Jobs, Apple's CEO. "The new products we are planning to release this year are very strong, starting this week with a major new product that we're really excited about."
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Apple's guidance for the second quarter of fiscal 2010 includes expected revenue of $11.0 billion to $11.4 billion and earnings per diluted share of $2.06 to $2.18.

Apple will provide live streaming of its Q1 2010 financial results conference call at 2:00 PM Pacific, and MacRumors will update this story with coverage of the conference call highlights.

Article Link: Apple Reports Record $3.38 Billion Profit for Q1 2010 on Highest Revenue in History
 
Article Link
https://www.macrumors.com/2010/01/25/apple-reports-record-3-38-billion-profit-for-q1-2010-on-highest-revenue-in-history/
Kick some asz! It's perceivable that Apple will have a higher market cap than MS this decade.
 
Knew about the accounting changes and so was expecting something big. This is great news. Hope my shares really rise now.
 
"The new products we are planning to release this year are very strong, starting this week with a major new product that we're really excited about."

proof.

Now what could this new product that steve mentioned be?
 
I can't wait to see how PC sites like Winsupersite react to this news. They all predicted a drop in Apple's market share. With sales like this, I'm sure their market share increased...both here and overseas. Way to go, Apple.
 
Shares up only 2.7% today:confused:. A bit disappointing after Friday's 5% drop for some unknown reason. I hope shares will shoot up Wednesday because I I have bought a lot of shares :D:D:D
 
Earnings are great, but not as great as it sounds because they're now reporting what had been non-GAAP as GAAP.

Analysts had expected GAAP as 2.07 EPS on 12.06B in revenue.
But using non-GAAP the analyst average was 3.49 EPS on 14.69B in revenue.

They still beat, but not by as much as it sounds like, 3.67 EPS on 15.68B in revenue.

Still awesome numbers however you look at it.
 
Hmm, I wonder if jobs counts macbook updates as the "other" products being launched this year.
 
Amazing profits, so lower the price of the toys just a tad, eh Steve? You'll still have amazing profits and more people could afford the goodies.
 
ipoppy said:
Shares up only 2.7% today:confused:. A bit disappointing after Friday's 5% drop for some unknown reason. I hope shares will shoot up Wednesday because I I have bought a lot of shares :D:D:D
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CNBC just said APPL stock was halted for trading cause of the confusion between GAAP and Non-GAAP
 
saving107 said:
"The new products we are planning to release this year are very strong, starting this week with a major new product that we're really excited about."

proof.

Now what could this new product that steve mentioned be?
Click to expand...

So we get confirmation, but we pretty much had taken that as a given. What I see about the quote that interests me is the following word.....

products
 
Consultant said:
Kick some asz! It's perceivable that Apple will have a higher market cap than MS this decade.
Click to expand...

True...but Apple's not a computer company...remember Apple changed its name years ago.

I'm glad Apple's having extremely high success...but it's an Electronics company these days and should be compared to the likes of Sony (for example). Mac sales are doing well but likely most of Apple's profits come from iTunes, iPod, iPhone sales...while also including Macs in the equation.

MS really only sells software (not computers) and the Xbox...so MS really is, and always has been, a software company.

-Eric
 
Wow. This is a Macintosh quarter. The new iMacs are obviously selling very well.

Desktop units were 728,000 in last year's Q1 and 1,234,000 in this quarter- a 70% rise.

Portables were 1,796,000 in last year's Q1 and 2,128,000 this quarter - a 33& rise.
 
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