Message: Can't think of a better time to monetize the patent portfolio
Apple posts record sales, profit
Dylan McGrath
1/18/2011 5:29 PM EST
SAN FRANCISCO—Apple Inc. Tuesday (Jan. 18) reported record revenue and profit for its first quarter of fiscal 2011, one day after the company announced that CEO Steve Jobs was taking medical leave for an undefined time period.
Apple (Cupertino, Calif.) reported sales of $26.74 million, up 32 percent from the previous quarter and up 70 percent from the year-ago quarter. Apple reported a net income for the quarter of $6 billion, or $6.53 per share, up 40 percent compared to the previous quarter and up 47 percent compared to the year ago quarter.
On Monday, Apple announced that Jobs was taking his second medical leave in the past 24 months. The company did not reveal the specifics of Jobs' medical condition or provide a timetable for his expected return. As he did when Jobs went on a six month medical leave in 2009, Tim Cook, Apple's chief operating officer, will oversee Apple's day-to-day operations in Jobs' absence.
Apple's quarterly results easily exceeded consensus analysts' expectations, which called for sales of $24.4 billion and net income of $5.38 per share, according to Yahoo Finance.
"We sold more Macs, iPads and iPods than in any other quarter of the company's history," said Peter Oppenheimer, Apple's chief financial officer.
Sales of iPhones shot to 16.24 million units, Apple said, up 86 percent from the first quarter of fiscal 2010. The company said it sold 4.13 million Macintosh computers during the quarter, up 23 percent from the year-ago quarter. But sales of iPods declined to 19.45 million, down 7 percent from the year ago quarter.
Apple said it sold 7.33 million iPads during the fiscal first quarter, up from 4.19 million during the previous quarter.
Cook said Apple was able to increase iPad production dramatically during the quarter, helping the company to meet the enormous demand for the tablet and allow Apple to being offering iPad in several new countries. But Cook said Apple still has a significant backlog of orders for iPhone 4. "We are working around the clock to build more," Cook said. "I feel great that the demand is so high, but at this point I'm not going to predict when supply and demand will meet."
"Demand for iPhones has just been incredible," Oppenheimer said. "We could not make enough during the quarter."
Cook also revealed that Apple struck long-term agreements with suppliers worth $3.9 billion over two years. He declined to name the suppliers or even to say what they will be supplying to Apple. Cook likened the agreements to Apple's 2005 deals with NAND flash suppliers which helped the company maintain a steady supply of NAND for its products.
Apple said its gross margin for the fiscal first quarter, which closed on Dec. 25, was 38.5 percent, down from 40.9 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter's revenue, Apple said.
Apple (Cupertino, Calif.) reported sales of $26.74 million, up 32 percent from the previous quarter and up 70 percent from the year-ago quarter. Apple reported a net income for the quarter of $6 billion, or $6.53 per share, up 40 percent compared to the previous quarter and up 47 percent compared to the year ago quarter.
On Monday, Apple announced that Jobs was taking his second medical leave in the past 24 months. The company did not reveal the specifics of Jobs' medical condition or provide a timetable for his expected return. As he did when Jobs went on a six month medical leave in 2009, Tim Cook, Apple's chief operating officer, will oversee Apple's day-to-day operations in Jobs' absence.
Apple's quarterly results easily exceeded consensus analysts' expectations, which called for sales of $24.4 billion and net income of $5.38 per share, according to Yahoo Finance.
"We sold more Macs, iPads and iPods than in any other quarter of the company's history," said Peter Oppenheimer, Apple's chief financial officer.
Sales of iPhones shot to 16.24 million units, Apple said, up 86 percent from the first quarter of fiscal 2010. The company said it sold 4.13 million Macintosh computers during the quarter, up 23 percent from the year-ago quarter. But sales of iPods declined to 19.45 million, down 7 percent from the year ago quarter.
Apple said it sold 7.33 million iPads during the fiscal first quarter, up from 4.19 million during the previous quarter.
Cook said Apple was able to increase iPad production dramatically during the quarter, helping the company to meet the enormous demand for the tablet and allow Apple to being offering iPad in several new countries. But Cook said Apple still has a significant backlog of orders for iPhone 4. "We are working around the clock to build more," Cook said. "I feel great that the demand is so high, but at this point I'm not going to predict when supply and demand will meet."
"Demand for iPhones has just been incredible," Oppenheimer said. "We could not make enough during the quarter."
Cook also revealed that Apple struck long-term agreements with suppliers worth $3.9 billion over two years. He declined to name the suppliers or even to say what they will be supplying to Apple. Cook likened the agreements to Apple's 2005 deals with NAND flash suppliers which helped the company maintain a steady supply of NAND for its products.
Apple said its gross margin for the fiscal first quarter, which closed on Dec. 25, was 38.5 percent, down from 40.9 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter's revenue, Apple said.
4 Recommendations
Loading...
Loading...
New Message
Please
login
to post a reply