Apple destroys Street with all-time record revenue and earnings

Apple today announced financial results for its fiscal 2011 third quarter ended June 25, 2011. The Company posted record quarterly revenue of $28.57 billion and record quarterly net profit of $7.31 billion, or $7.79 per diluted share.

These results compare to revenue of $15.70 billion and net quarterly profit of $3.25 billion, or $3.51 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.

MacDailyNews Note: The analysts’ consensus estimates called for $5.84 EPS on revenue of $25.00 billion (vs. Q310 results of $3.51 EPS on revenue of $15.70 billion). On April 20, 2011, Apple CFO Peter Oppenheimer provided the following guidance: “Looking ahead to the third fiscal quarter of 2011, we expect revenue of about $23 billion and we expect diluted earnings per share of about $5.03.”

Apple 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, in the press release. “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 $11.1 billion, an increase of 131 percent year-over-year,” said Peter Oppenheimer, Apple’s CFO, in the press releease. “Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50.”

MacDailyNews Take: Boom!

MacDailyNews Note: Apple shares (AAPL) to resume trading at 4:50pm EDT.

45 Comments

    1. So iPods are declining in sales? Apple still sells a heck of a lot of them. MS would have been overjoyed to sell 7.5 million Zunes in a year, much less a quarter in decline. Apple will continue to upgrade and sell them for several more years.

  1. The CNBC talking heads were stunned. One guy said they knew to expect more from Apple’s guidance but that the number even blew away what they were expecting beyond that. Fun to watch.

  2. 9.25 m iPads in one quarter? (In Dick Vitale voice) Are you kidding me?! Motorola and RIM would’ve been happy with .25 m in one quarter. Apple’s playing at a whole different level here. It’s Apple’s death star against Android’s potato guns.

  3. Why they waited for Lion. Slam the press with off the hook earnings reports–next day hit em with Lion release. All the free press you could want.

    PR masters at work.

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