Apple today announced financial results for its 13-week fiscal 2013 first quarter ended December 29, 2012. The Company posted record quarterly revenue of $54.5 billion and record quarterly net profit of $13.1 billion, or $13.81 per diluted share. These results compare to revenue of $46.3 billion and net profit of $13.1 billion, or $13.87 per diluted share, in the 14-week year-ago quarter. Gross margin was 38.6% compared to 44.7% in the year-ago quarter. International sales accounted for 61%of the quarter’s revenue.
Average weekly revenue was $4.2 billion in the quarter compared to $3.3 billion in the year-ago quarter.
Apple sold a record 47.8 million iPhones in the quarter, compared to 37 million in the year-ago quarter. Apple also sold a record 22.9 million iPads during the quarter, compared to 15.4 million in the year-ago quarter. The Company sold 4.1 million Macs, compared to 5.2 million in the year-ago quarter. Apple sold 12.7 million iPods in the quarter, compared to 15.4 million in the year-ago quarter.
Apple’s Board of Directors has declared a cash dividend of $2.65 per share of the Company’s common stock. The dividend is payable on February 14, 2013, to shareholders of record as of the close of business on February 11, 2013.
“We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter,” said Tim Cook, Apple’s CEO, in the press release. “We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.”
“We’re pleased to have generated over $23 billion in cash flow from operations during the quarter,” said Peter Oppenheimer, Apple’s CFO, in the press release. “We established new all-time quarterly records for iPhone and iPad sales, significantly broadened our ecosystem, and generated Apple’s highest quarterly revenue ever.”
Apple is providing the following guidance for its fiscal 2013 second quarter:
• Revenue between $41 billion and $43 billion
• Gross margin between 37.5 percent and 38.5 percent
• Operating expenses between $3.8 billion and $3.9 billion
• Other income/(expense) of $350 million
• Tax rate of 26%
Analysts’ consensus called for revenue of $54.73 billion and EPS of $13.44 with iPhone unit sales of 48-50 million, iPad unit sales of 22-23 million, and Macintosh unit sales of 5 million. Analysts’ consensus called for guidance for Apple’s fiscal Q213 (March quarter) of $45.6 billion in revenue and EPS of $11.74.
MacDailyNews Take: This is sort of a mixed bag; beat on EPS, slight miss on revenue, but the all-important Q213 guidance does not meet with the analysts’ consensus revenue expectation, so AAPL shareholders should expect to see some near term pain.
UPDATE, 4:38pm EST: In after-hours trading shares of Apple Inc. (AAPL) are down $24.26, or -4.72%, to $489.75.
Related article:
MacDailyNews presents live notes from Apple’s Q113 Conference Call – January 23, 2013
So I’m guessing broad sell off based on buy on rumor sell on news philosophy or something?
no profit growth since last year
even google had better growth
What are you talking about? This year’s Q1 has 1 less week than last year, which puts them at about 10% profit growth.
The calendar works the same in Mountain View.
Yup.
Well sure Google had better growth.
When you give something away for free, it’s easy to give even more away the next quarter.
See, growth.
They had “earnings growth.” I assume your talking about Android, but that isn’t relavent. You should stick to mutual funds or ETFs. Lol
Nope!
19% versus 18%? Get back under your rock, troll.
So this will cause Apple’s stock to rise yes? Or is there a downside I’m not seeing, some analyst green kryptonite.
With AAPL, if it is good news, the pundits say that the price was ‘baked in’ already and the stock drops. If it is OK news, the pundits say that it wasn’t good enough and the stock drops. If the news is disappointing, the pundits say AAPL is doomed and the stock drops.
What does Rodney Dangerfield and AAPL have in common?
Funny. I guess everyone out there forgot the 30% drop was in anticipation of some bad news. A stabilization (at the least) or a rise (realistically) should have accompanied the news that rumours were 100% false.
The market is unbelievably strange.
We now have a $470 share price that’s made of about $200 cash, and $50 profit (from current quarter).
So Apple is worth what? $220 a share when you back that out???
Idiot headline forthcoming: “Apple’s earnings miss!”
Sell on the news. Nothing new
…and Netflix, which was expecting a $0.13 per share loss actually earned $0.13 per share so that stock is up 41% or ~$40.00. Go figger
What it means is that someone just made a killing on Netfix stock
And, of course, AAPL tanks. Down $28 after hours
This despite the fact that last years Q1 had 14 weeks instead of 13
Looks like they were constrained with a lot of their product line. Their greatest sin is they couldn’t make them fast enough or they would have beat the over the top expectations.
WTF is it going to take??? Another record quarter and it drops like a rock. Geez
Not terrible. But not good either. Down a bunch after hours. Could be ugly tomorrow?
Not terrible?
What the hell are you looking at? Dell, Gateway, Microsoft…
Please tell me in the above numbers, what sucks?
What other tech company is making $13 BILLION profit a quarter?
Goodness, you must be losing a lot of money in AAPL? I take it you didn’t get out at $700 like I did? Why? Sounds as though you didn’t have any downside protection? Oops! Next time you invest, learn what an earnings report is all about. Good luck.
I’m talking about the quarterly results of Apple. Nothing about the stock. The stock price right now has less truth in it than Bill Clinton.
Stay on subject.
Once again: What other tech company is making $13 BILLION profit a quarter?
It’s a conspiracy! Everybody on Wall Street meets in the back room of a bar on 15th St. They don’t have anything else to do but to conspire against Apple. And you.
Earnings are growing. Apple investors are growth investors. When less people want yo own it, the proce goes down. The fundamentals don’t matter.
That’s: earnings AREN’T growing. Damn iPhone keyboard!
What an arrogant, selfish response! People have lost money and are hurting and all you can think to do is pump yourself up. You’re an unfeeling jackass with ego problems.
Me? I’m fine. Even at $477.50 I’m still ahead $470 per share, so it doesn’t bother me. And when your Netflix bubble bursts and the stock tanks, I sincerely hope you are caught with your pants down and somebody comes along to laugh in your face.
Think made the rude ignorant comment Zeke. You can read can’t you? Read my comment and then his criticism. And sure, we all know that you bought it at $7.50 per-share Zeke. Riiiiiiight.
You probably never owned any.
What? Do you want my trading account numbers?
CNBC is reporting disappointment, with commentators saying for Apple Stock to be positively affected, the iPhone number had to be north of 50 million. Unbelievable.
Yep. They are going by the playbook.
Someone on WS has it in big time for Apple and they are doing a coordinated effort to destroy Apple’s stock.
No matter how good the news is. They will lie, cheat and steal.
Yep, the iPhone numbers needed to be north of 50 million and the iPad numbers at least 25 million. Most notable was the significant drop in Mac sales. Nobody was saying they would drop all the way to 4.1 million units.
As good of a quarter as they had overall, their unit sales numbers were actually disappointing all around unfortunately. This all just goes to show that expectations have gotten completely out of hand. In the meantime, the stock is going to take an absolute beating as a result.
Actually, I’m surprised Apple sold 4.1 million Macs.
For the most popular line you couldn’t even order the “current model” of the most popular line (iMacs) for over a third of the quarter — and for most of those orders they didn’t ship for couple more weeks or more. If Apple had iMacs available in quantity on the announcement date and was able to keep up with orders the they would have easily beaten the 5 million Mac number.
Additionally, the Mac Pro is hopelessly out of date. No one is buying one unless they have a gun to their head (i.e., they have an absolutely hard requirement for a Mac Pro that they absolutely MUST fill). Since Cook’s announcement that an updated Mac Pro will surface in 2013 anyone who needs a Mac Pro that has any possibility of waiting until the new model ships is waiting. If the new Mac Pro were shipping in quantity in 2012 then that would have further enhanced the Mac sales.
IF Apple had not had availability and supply constraints on the iMac and had a new Mac Pro then Apple’s total Mac sales for the quarter could easily have topped 6 million. Unfortunately for both Apple investors and Apple customers neither of these things happened.
Waiting for the negative spin…
Fianally. Now can all the idiots talking trash STFU forever about Apple.
Oh no! With 1 week less in the quarter compared to last year, Apple beat all of the expectations and made more money than anyon else, but there margins dropped from 44% to 38%. That means Apple is doomed!!!
I’m sure the analyst will find something wrong with this report, but the reality is, it’s a fantastic report..
Netcruizer99
“Average weekly revenue was $4.2 billion in the quarter compared to $3.3 billion in the year-ago quarter.” Isn’t this all that you really need to know?
That right there is being ignored and overlooked by ALL analysts and reporters.
Why?
Apple is being attacked by WS for some reason.
Not the quarter everyone was hoping for – to add insult to injury you will be hearing all types of talking heads talking cheerfully of profits no growing YoY without reference to the 14 week period.
If Apple doesn’t announce China Mobile sometime over this quarter (or other news of note), you can expect the media bashing to continue fast and furious. I’m long and it’s going to be a long quarter.
They need to do something with all that cash.
What, listen to you?
Go away. Apple has been breaking sales records and doing proper investments with that money.
They have carefully bought up companies very quietly and done very well with them.
Would you like them to spend their money like MS does with their craptastic purchases?
Calm down boy. Sure you’re pissed off. But you don’t understand Apple and you certainly don’t understand investing. Go outside and sit in the oak tree for a couple of hours. That should make you feel better. As for all the money that you have lost through stupid investing practices…………
Please tell me where I said I bought and/or lost Apple.
You know what they say about assuming?
I’m sorry, the subject was Apple and spending their money, right?
Please go back to the previous post and tackle that piece of info.
Share buyback would be a good move at this point. A dividend increase would be nice also. And you don’t have to tell everyone you lost money in AAPL. That’s obvious.
Holy shit! Down $54. Wow! Hope you didn’t invest the rent money.
Oh yes, you’re the one who sold one fantasy-investor share at $702. I remember hearing about that. Even on a fantasy basis, you dared not risk pretend-buying more than one share, right?
Excellent man.
No actually it was $700. And they weren’t shares they were calls. And they sure weren’t fantasy. And I have calls going into earnings today so I’m down on those. But I only have a few. And of course I had downside protection with a few puts also. I haven’t owned shares in nearly 2 years. They’re too expensive. Calls have much more upside at a much lower price. And it doesn’t hurt to buy puts once in a while just in case a stock tanks. Sort of like today.
And I’ve owned a few thousand shares since June of 2004. Do the math , you putz. The only time I sell shares is when I need money for college, a house, or vacations. Happily retired now.
Putz? Goodness, name calling? I guess I’d be pissed off too if I owned shares and they were down $250. Next time a stock reaches its all-time high Zeke, sell. That’s a strategy Zeke. Buy and hold forever is not a strategy. It’s not a plan Zeke it’s just praying and hoping. Nothing goes up forever Zeke. But of course you can see that. And I know that you understand that I’m right. And I understand that you just won’t admit it. Go ahead, argue in the face of logic. Next time pull the trigger Zeke. Good luck.
One of the talking heads on tv just said “Apple isn’t innovating enough.”
Seriously?
Wow.
It must be jealousy that these people are not working for Apple or that they didn’t think of these devises first.
The sad thing is, these talking heads have no idea what they say. It’s pre-scripted and just fed to them via teleprompter.
Who innovating better than Apple?
No one.
What I find fascinating is that Apple’s profit is $3 billion more than Google’s revenue. It gives one a little perspective on really big Apple is.
This sort of profit is unheard of. It boggles my mind that a company makes this sort of profit. If Wall Street wants to see it as negative, they reserve this right to be delusional. It sucks for my shares but it is by far not a reflection on apples collosal success.
Amen
Anal-ysts will always have something…
Told you it would not matter. One by one, they are all coming around to what I’ve been saying. If Tim Cook is still around come Opening Day in baseball, it will be forever too late to save AAPL.
Nobody cares what you think. Now get back under your rock.
“Misses WS expectations.” So? Maybe WS needs to not project expectations, since no company ever meets their expectations!
Who cares, besides the stock manipulators?
Apple just showed it is the most valuable and valued company on the planet. This should be what is being shouted from the rooftops. And Apple is issuing dividends to stock.
Why is WS taking lemonade and making lemons out of it? They hate success that happens without following their rules.
Apple thinks different. WS needs to match Apple’s thinking to be successful, instead of going over the fiscal cliff.
Maybe WS needs another “Sandy”.
that’s to be expected as apple hardly bothers to advertise macs… no mac mini,no imac ads, no OSX is better than Win 8 ads etc. No generic mac ads since Mac PC guy years ago…
written more about it in the comments under name: “apple doesn’t even care to adverise macs” here:
Macs only got 5% PC worldwide marketshare, if apple got off their azz about selling macs maybe they would have exceeded analysts estimates for revenue?
(one problem with Tim Cook is that he is SIMPLY NOT A SALESMAN… ) with 130 billion in the bank you can’t run a few mac ads?
No sense advertising iMac if you don’t have any to sell. They can’t even meet demand w/o advertising. This whole current quarter will be a production ramp, too. Don’t hold your breath for iMac ads – unless you voted for Obama, then by all means, stop breathing for as long as you like.
You say they didn’t run imac ads as they were manufacturing constrained BUT IPad and iPhone were manufacturing constrained as well. How come they ran TONS of ads for them? Explain THAT Genius.
(so when iMac manufacturing gets ramped up they are going advertised an OLD product, ie something launched two quarters ago? how come they did NOT advertise the OLD imac for the last one year before the new one came up? Explain THAT genius.)
what about the mac mini?
I’ve met so many people who said they want to switch but dont want to waste their monitors and get an imac. they have no clue that mac mini exists.
what about generic mac ads?
they ran tons of Mac PC guy ads years ago (i.e GENERIC MAC and OSX ads) but they can’t now?
so you dont think that they are wasting an opportunity with Win 8 Vista?
why do you want to run a mac issue into a politcal issue? why don’t you rant in the POLITICAL NEWS BLOGS?
if they sold a bit more they would have easily hit over the small shortfall of analysts estimates this and last quarter and maybe the stock will STILL be above 700.
How about you dot he world a favor and STFU.
What a sick little pig to wish death on your fellow citizens for not sharing your myopic political views.
Thanks for illustrating the fascist mentality you wing nuts want to exercise over the rest of us.
My earnings hypothesis was right on the nose – average earnings with poor guidance and a drop in share price to sub $400 eventually. Guidance is so poor that they omit EPS. Now you know why Cook and his boys were dumping their AAPL holdings like rats abandoning a sinking ship.
Retail investors are always the last to know and bag holders. Cook the script stiff now needs a new script to save his ass. As I have been saying, Cook is a mediocre executive without Jobs’ tutelage and supervision. The sooner Apple sends him back to HP where he belongs, the better.
So, your guidance is better?
Lots of douchebags on Wall Street.
Lots of douchebags believe Apple’s best days are behind it because it wasn’t Steve Jobs who came up with the Cube, or the hockey puck mouse, or lack of CD-R(W) drives in iMacs, or MobileMe, or Flower Power and Dalmation iMacs … Shall I continue?
Oh, no! Apple sold less Macs this year (Q1) because more people are buying SHITLOADS of iOS devices.
Apple probably has only themselves to blame for slowdowns on Macs due to iMac delays (and no Mac Pro refreshes). I’m also waiting on at least a 2013 MBP refresh before considering again.
Tim Cook may have been thrilled but as a shareholder I’m definitely not thrilled. I figured this was coming so I’m not that surprised with the results. I know there’s something definitely wrong with Apple’s stock and I see the constant bad news about Apple’s growth prospects. Where there’s smoke, there must be fire. I just know there are companies running circles around Apple when it comes to shareholder value and Apple can’t seem to do a thing about increasing its own value.
Wall Street doesn’t understand business success. They ignore the profit of a business. There is so much growth ahead of apple so the idea that it can’t grow is intellectually lazy. 😉