Apple today announced financial results for its fiscal 2010 first quarter ended December 26, 2009. The Company posted revenue of $15.68 billion and a net quarterly profit of $3.38 billion, or $3.67 per diluted share. These results compare to revenue of $11.88 billion and net quarterly profit of $2.26 billion, or $2.50 per diluted share, in the year-ago quarter. Gross margin was 40.9 percent, up from 37.9 percent in the year-ago quarter. International sales accounted for 58 percent of the quarter’s revenue.
Analysts’ consensus estimates called for earnings per share (EPS) of $2.07 on $12.06 billion in revenue vs. Apple’s Q110 guidance of “revenue in the range of about $11.3 billion to $11.6 billion and diluted earnings per share in the range of about $1.70 to $1.78.”
Apple sold 3.36 million Macintosh computers during the quarter, representing a 33 percent unit increase over the year-ago quarter. The Company sold 8.7 million iPhones in the quarter, representing 100 percent unit growth over the year-ago quarter. Apple sold 21 million iPods during the quarter, representing an eight percent unit decline from the year-ago quarter.
During the quarter Apple elected retrospective adoption of the Financial Accounting Standards Board’s amended accounting standards* related to certain revenue recognition. Adoption of the new accounting standards significantly changes how the Company accounts for certain items, particularly sales of iPhone and Apple TV.
“If you annualize our quarterly revenue, it’s surprising that Apple is now a $50+ billion company,” said Steve Jobs, Apple’s CEO, in the press release. “The new products we are planning to release this year are very strong, starting this week with a major new product that we’re really excited about.”
“We are very pleased to have generated $5.8 billion in cash during the quarter,” said Peter Oppenheimer, Apple’s CFO, in the press release. “Looking ahead to the second fiscal quarter of 2010, we expect revenue in the range of about $11.0 billion to $11.4 billion and we expect diluted earnings per share in the range of about $2.06 to $2.18.”
MacDailyNews will cover Apple’s Q1 2010 financial results conference call via live notes beginning at 2:00 p.m. PST today.
Holy crap
this is good and all. we’ll see if the banks/hedge funds/k-managers stay in it or close it out to manipulate a long term buy.
in either case i bought me 2 call options March and July…
i can afford to lose those, but it would be nice to have a surprise. it’s been awhile since i made some real $.
Woohoo!
Those all look like non-GAAP numbers to me.
Oh my god! Those numbers are INSANE. Can’t wait to see how many Macs and iPhones were sold. I bet it’s 3.2+ million and 10+ million.
After hours trading stopped at 4.30h – everybody needs time to digest
i can not belive it. this is beyond my wildest imagination. it the stock doesn’t skyrocket now, then i don’t know.
i guess they simply pulled the plug before any analyst knew what hit them and changed to non gaap reporting.
They are making too much money. The government needs to step in and replace the CEO and add a value tax to the companies earnings. They don’t need that much profits, where do they think they live,in a capitalist country!
looks like the after-market buyers are waiting for Wednesdays ‘tablet’ event.
i still think the news that would be bigger is having the iPhone on all carriers.
AFTER MARKET TRADING OF APPLE SHARES – HALTED TILL 4:55PM
I am particularly delighted with the 3.36M Macs being sold. That’s higher than even I expected.
Now looking forward to Wednesday!
When are they going to start reporting the number of Apple TV’s sold. this is a sleeping tiger number I want to know about. How they get away without having to report this is beyond me.
Clearly, the Zune is stealing significant market share from the Apple iPod. Apple is at the end of its dominance in the MP3-player market.
I’d like to see the iPod numbers broken out by Model……clearly the trend is away from the Nano’s and the Classic….
And the iPhone numbers. Holy Crap! Even with the Droid out during 4th quarter…….100% increase. Wow.
The $3.67 EPS figure is NEW GAAP, the $2.07 EPS estimate is under the OLD GAAP.
To compare apples to apples, the estimate of new GAAP EPS was for about $3.50. They still beat, but not as much as MDN thinks.
The same is true for Revenues. New GAAP estimates were for about $15 billion in revenue. They still beat, but NOT OBLITERATION by any means.
MDN – I know you are excited, but please adjust the story to read correctly if you want to maintain any journalistic integrity. Of course you may not care about that…
all analysts now have to raise their eps estimates for fy 2010 from their ignorant $7 – $7.50 range to the $11 – $12 range. ex cash apple’s 2010 P/E is now 15, forward P/E is 11-12. amazon for instance has a P/E of 71.
MDN is simply reporting the news. There are other places for deeper analysis. I like to wait and get my journalism from “Wait a second”.
No. A fascist one. Now bow to your oligarch masters.
I’d also like to congratulate Dr. Abdurrahim Vural.
Looks like they more than covered their recent acquisitions…
New GAAP / old GAAP does not seem to matter so much, in terms of investor sentiment. Most of the analysts and journalists seem too clueless to know the difference, so Apple having huge numbers that smashed estimates (plus Apple guiding above estimates for Q2) is what is being reported by the general media to the general public.
If the overall market is neutral or up tomorrow, I think AAPL will have a huge day on the up side. It will be a combination of next-day reaction to the huge quarterly numbers, anticipation of the Wednesday special event, and the AAPL shorts getting scared and covering their unwise bets that AAPL would drop after the quarterly results. It did drop initially in after hours trading, but it is now positive.
@Wait a second
OK, you define “obliterate”.
What a killjoy. Anyone knows MDN is not a site for the journalist or the explanationist, but for the celebrationist.
But… But… But… an analyst from the Wall Street Journal said Apple should start borrowing money….
I don’t get it.