Unstoppable Apple beats Street with record $24.67 billion quarterly revenue

Apple today announced financial results for its fiscal 2011 second quarter ended March 26, 2011. The Company posted record second quarter revenue of $24.67 billion (vs. analyst consensus estimate of $23.38 billion) and record second quarter net profit of $5.99 billion, or $6.40 per diluted share (vs. $5.37 EPS). These results compare to revenue of $13.50 billion and net quarterly profit of $3.07 billion, or $3.33 per diluted share, in the year-ago quarter. Gross margin was 41.4 percent compared to 41.7 percent in the year-ago quarter. International sales accounted for 59 percent of the quarter’s revenue.

Apple sold 3.76 million Macs during the quarter, a 28 percent unit increase over the year-ago quarter. The Company sold 18.65 million iPhones in the quarter, representing 113 percent unit growth over the year-ago quarter. Apple sold 9.02 million iPods during the quarter, representing a 17 percent unit decline from the year-ago quarter. The Company also sold 4.69 million iPads during the quarter.

“With quarterly revenue growth of 83 percent and profit growth of 95 percent, we’re firing on all cylinders,” said Steve Jobs, Apple’s CEO, in the press release. “We will continue to innovate on all fronts throughout the remainder of the year.”

“We are extremely pleased with our record March quarter revenue and earnings and cash flow from operations of over $6.2 billion,” said Peter Oppenheimer, Apple’s CFO, in the press release. “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” (vs. $5.25).

Source: Apple Inc.

MacDailyNews Take: Bloodbath.

29 Comments

  1. Despite the phenomenal record earnings I bet the Street will punish Apple for the lower than predicted iPod and iPad volume.

    Hopefully the brokers will surprise me and do the right thing. This stock should be up to $400 by now.

    1. The notion that AAPL always falls after earnings is a myth perpetuated by fanboy whiners with a persecution complex. It’s been about half and half as far as post earnings activity.

      The bottom line is, it doesn’t matter what happens in the 48 hours after earnings, its just going to continue to rise for those who are long on it.

      1. Typically, the stock performance after an earnings report is driving by the upcoming quarter guidance provided by Apple, compared to what the “analysts” expected Apple to announce. Since Apple typically guides very conservatively, the “analysts” are “disappointed” and the stock price goes down. Judging by the after-hours performance, that “low” guidance is being disregarded by the buyers and focusing on the real numbers – which were scary 😉

  2. Yes, but they only sold 4.7 million iPads (1 & 2) – well below the expected 7 million. Truth be told, had they been able to produce 7 million, they would have sold 7 million. Well, let’s hope they can ramp up their production.

    Still, all in all, a very good quarter!

  3. @ MDN Take. “Bloodbath” is more appropriate for a story about Apple destroying the competition, not a story about Apple destroying it’s own year-ago numbers. 🙂

    1. That’s why I continue to be an AFB member since 2005. The analysis by these unpaid experts is top notch. No paid analyst has come close to them on a consistent basis.

      And BTW, maybe now all the Apple-hating naysayers can crawl back into their holes. I’m so sick of these pseudo-experts who pop up on various blogs with their amateurish reasons why Apple will fail. Get a life, Bozos.

  4. Every SINGLE ONE of the 40 or so Pro analysts who follow apple: Goldman Sachs, RBC, Morgan Stanley, Piper Jaffray etc estimated Apple’s EPS too low. Not one predicted over 6.

    and people like these project WP7 will overtake iPhone by 2015, iPad will be less than 50% of the market etc.

    meanwhile the un affiliated (pro-Apple) guys like Dediu (estimate 6.43) of Asymco got it pretty close.

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