Fox Business’ Matt Egan reports Apple’s record-breaking earnings as ‘lackluster performance’

“This morning’s rally centered on Microsoft, which beat the street and issued an earnings forecast topping estimates after yesterday’s closing bell. Shares of Microsoft jumped 3% in early trading this morning but ended the day about 1% down,” Matt Egan reports for Fox Business Network. “The company said its revenue jumped 30% from a year ago.”

“The importance of Microsoft’s positive earnings announcement comes from the lackluster performance and warnings from other tech giants in recent weeks, including chipmaker Intel and Apple,” Egan reports.

Full article, Think Before You Click™, here.

MacDailyNews Take: Sometimes you just have to laugh at the sheer stupidity and utter incompetence on display. These people get jobs, folks. Other people – presumably even stupider and more incompetent people – actually pay them. It never fails to amaze. What’s next, Matt, are you going to report that the sky is pink, water isn’t wet, and that you’ve just been accepted into Mensa?

Apple on Tuesday announced record financial results for its fiscal 2008 first quarter ended December 29, 2007. The Company posted record revenue of $9.6 billion and record net quarterly profit of $1.58 billion, or $1.76 per diluted share. These results compared to revenue of $7.1 billion and net quarterly profit of $1 billion, or $1.14 per diluted share, in the year-ago quarter.

Apple easily beat the street’s estimates of $9.47 billion in revenue and $1.62 per share.

Apple shipped a record 2,319,000 Macintosh computers, representing 44% unit growth and 47% revenue growth over the year-ago quarter. The Company sold a record 22,121,000 iPods during the quarter, representing five percent unit growth and 17% revenue growth over the year-ago quarter. Quarterly iPhone sales were a record 2,315,000.

We’re thrilled to report our best quarter ever, with the highest revenue and earnings in Apple’s history,” said Steve Jobs, Apple’s CEO, in the earnings announcement.

“Apple’s revenue grew 35% year-over-year to $9.6 billion, an increase of almost $2.5 billion over the previous December quarter’s record-breaking results,” said Peter Oppenheimer, Apple’s CFO, in the press release. “Our strong results produced cash flow from operations of over $2.7 billion during the quarter, yielding an ending cash balance of over $18.4 billion. Looking ahead to the second quarter of fiscal 2008, we expect revenue of about $6.8 billion and earnings per diluted share of about $0.94.”

Apple’s Q2 08 guidance is 29.3% over the company’s Q2 07 posted revenue of $5.26 billion.

On which planet is 35% YOY revenue growth less than 30%?

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55 Comments

  1. As long as Steve continues to insist on Apple’s image being that of ‘developing great products’ – code for gadgets, toys and hobbies – then the main stream tech world and business media is going to continue to dismiss Apple as a second tier company in the serious business world.

    Trash ’em all you want, MDN, but it is what it is.

  2. @ Perception:

    So, if ‘developing great products’ creates a perception of a company that is second tier, what kind of mission statement produces a perception as a first tier producer? “Stealing ideas from others and making crappy products?” perhaps?

  3. Hmmmm
    “As long as Steve continues to insist on Apple’s image being that of ‘developing great products’ – code for gadgets, toys and hobbies – then the main stream tech world and business media is going to continue to dismiss Apple as a second tier company in the serious business world.”

    Yes, lets build money losing computers just like everyone else and live off the pennies difference. !!!

    Apple is building. PERIOD. Take a good look at the articles out there. They have gone from 1 good in 10 to about 5-7 good in 10. The “nay” sayers are sounding more and more pathetic. And if you read the comments by readers of those articles, they are more and more PRO apple.

    The tide is coming in and rusting hulks like Microsoft that are sitting on sandbars will not rise with the tide.

    Hey, I am getting to much into these prattles, so I plan to take a well deserved rest and will plan on chatting with you guys in 4-6 months. Until then, remember that reality is what is and not what Microsoft and others would have you believe.

    Later,
    EN.

    MDN = develop as in I have to take some time to develop a life. ” width=”19″ height=”19″ alt=”grin” style=”border:0;” />

  4. Hmmmm
    “As long as Steve continues to insist on Apple’s image being that of ‘developing great products’ – code for gadgets, toys and hobbies – then the main stream tech world and business media is going to continue to dismiss Apple as a second tier company in the serious business world.”

    Yes, lets build money losing computers just like everyone else and live off the pennies difference. !!!

    Apple is building. PERIOD. Take a good look at the articles out there. They have gone from 1 good in 10 to about 5-7 good in 10. The “nay” sayers are sounding more and more pathetic. And if you read the comments by readers of those articles, they are more and more PRO apple.

    The tide is coming in and rusting hulks like Microsoft that are sitting on sandbars will not rise with the tide.

    Hey, I am getting to much into these prattles, so I plan to take a well deserved rest and will plan on chatting with you guys in 4-6 months. Until then, remember that reality is what is and not what Microsoft and others would have you believe.

    Later,
    EN.

    MDN = develop as in I have to take some time to develop a life. ” width=”19″ height=”19″ alt=”grin” style=”border:0;” />

  5. Hmmmm
    “As long as Steve continues to insist on Apple’s image being that of ‘developing great products’ – code for gadgets, toys and hobbies – then the main stream tech world and business media is going to continue to dismiss Apple as a second tier company in the serious business world.”

    Yes, lets build money losing computers just like everyone else and live off the pennies difference. !!!

    Apple is building. PERIOD. Take a good look at the articles out there. They have gone from 1 good in 10 to about 5-7 good in 10. The “nay” sayers are sounding more and more pathetic. And if you read the comments by readers of those articles, they are more and more PRO apple.

    The tide is coming in and rusting hulks like Microsoft that are sitting on sandbars will not rise with the tide.

    Hey, I am getting to much into these prattles, so I plan to take a well deserved rest and will plan on chatting with you guys in 4-6 months. Until then, remember that reality is what is and not what Microsoft and others would have you believe.

    Later,
    EN.

    MDN = develop as in I have to take some time to develop a life. ” width=”19″ height=”19″ alt=”grin” style=”border:0;” />

  6. Hmmmm
    “As long as Steve continues to insist on Apple’s image being that of ‘developing great products’ – code for gadgets, toys and hobbies – then the main stream tech world and business media is going to continue to dismiss Apple as a second tier company in the serious business world.”

    Yes, lets build money losing computers just like everyone else and live off the pennies difference. !!!

    Apple is building. PERIOD. Take a good look at the articles out there. They have gone from 1 good in 10 to about 5-7 good in 10. The “nay” sayers are sounding more and more pathetic. And if you read the comments by readers of those articles, they are more and more PRO apple.

    The tide is coming in and rusting hulks like Microsoft that are sitting on sandbars will not rise with the tide.

    Hey, I am getting to much into these prattles, so I plan to take a well deserved rest and will plan on chatting with you guys in 4-6 months. Until then, remember that reality is what is and not what Microsoft and others would have you believe.

    Later,
    EN.

    MDN = develop as in I have to take some time to develop a life. ” width=”19″ height=”19″ alt=”grin” style=”border:0;” />

  7. Hmmmm
    “As long as Steve continues to insist on Apple’s image being that of ‘developing great products’ – code for gadgets, toys and hobbies – then the main stream tech world and business media is going to continue to dismiss Apple as a second tier company in the serious business world.”

    Yes, lets build money losing computers just like everyone else and live off the pennies difference. !!!

    Apple is building. PERIOD. Take a good look at the articles out there. They have gone from 1 good in 10 to about 5-7 good in 10. The “nay” sayers are sounding more and more pathetic. And if you read the comments by readers of those articles, they are more and more PRO apple.

    The tide is coming in and rusting hulks like Microsoft that are sitting on sandbars will not rise with the tide.

    Hey, I am getting to much into these prattles, so I plan to take a well deserved rest and will plan on chatting with you guys in 4-6 months. Until then, remember that reality is what is and not what Microsoft and others would have you believe.

    Later,
    EN.

    MDN = develop as in I have to take some time to develop a life. ” width=”19″ height=”19″ alt=”grin” style=”border:0;” />

  8. Egan just simply doesn’t know what he’s writing about. SUE ME EGAN! That first sentence was another way of saying ‘you don’t know your ass from a hole in the ground.’

    Apple’s stock went down because during thier live press conference with analyists, they projected that NEXT QUARTER’S results were expected to be poorer. Not that there was a damn thing wrong with the latest quarter, which—as MDN correctly points out—set records.

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