Another Apple Quarterly Report, More Record Sales And Profits
July 19, 2011 at 3:11 PM (PT)
Stop us if you haven't read this before: APPLE has just reported record earnings for its most recent quarter that easily outperformed WALL STREET expectations. REUTERS reports that its fiscal third-quarter revenue rose 82% to $28.57 billion, overwhelming the average analyst estimate of $24.99 billion, according to THOMSON REUTERS I/B/E/S.
Net income in the period more than doubled to $7.31 billion, from $3.25 billion a year earlier. Analysts had predicted profit of $5.87 a share and revenue of $25 billion, according to data compiled by BLOOMBERG.
How did it accomplish that? By having all its flagship products exceed forecasts. APPLE sold 20.34 million iPHONES during the quarter (up 142%) along with 9.25 million iPADS (up 183%) and 3.95 million MAC computers (up 14%). Gross margin for the quarter came to 41.7%.
What negative news there was to report was the fact that iPOD sales fell 20%, although APPLE claimed that it still sold more than expected, with the new Touch version comprising over half of the new sales.
APPLE shares jumped as much as 7.5% to $405 in extended trading after the results were posted; it currently hovers in the $400 neighborhood. The stock, up 17% this year, had closed at a record $376.85.