“Apple sold a staggering 6.9 million iPhone 3Gs in the quarter, more than the 6.1 million total first-generation iPhones sold. The iPhone launched July 11 and is available in more than 50 countries,” Jessica Mintz reports for The Associated Press. “Research in Motion reported it sold 6.1 million BlackBerry smart phones in the quarter that ended Aug. 30. Edward Jones analyst Bill Kreher said overtaking RIM in such short order was a ‘jaw-dropping’ accomplishment.”
“Apple also set quarterly records for Macintosh and iPod sales. Apple said it sold 2.6 million Macs and 11.1 million iPods, further allaying fears that the sluggish economy would weigh on Apple’s back-to-school sales,” Mintz reports. “Records notwithstanding, the Mac division dragged Apple’s revenue below the Street view. The company said Mac sales growth took a hit as educational institutions cut back on computer purchases.”
“For the current quarter, which ends in December, Chief Financial Officer Peter Oppenheimer gave a wide range he described as ‘prudent,’ saying Apple expects to earn $1.06 to $1.35 per share on sales from $9 billion to $10 billion. Analysts surveyed by Thomson Reuters had been expecting a profit of $1.65 per share on sales of $10.57 billion,” Mintz reports.
Mintz reports, “Piper Jaffray analyst Gene Munster, speaking in an interview, called the guidance Apple issued ‘comical,’ saying it calls for results that are flat from a year ago and ignores the explosive iPhone 3G debut. ‘It’s mathematically almost impossible,’ he said.”
“In extended trading after the earnings report, the stock leapt $13, or 14.2 percent, to $104.49,” Mintz reports. “For the full fiscal year, Apple’s profit climbed 38 percent to $4.83 billion, or $5.36 per share. Revenue increased 35 percent to $32.5 billion.”
Full article here.