Apple today announced financial results for its fiscal 2014 first quarter ended December 28, 2013. The Company posted record quarterly revenue of $57.6 billion and quarterly net profit of $13.1 billion, or $14.50 per diluted share. These results compare to revenue of $54.5 billion and net profit of $13.1 billion, or $13.81 per diluted share, in the year-ago quarter. Gross margin was 37.9 percent compared to 38.6 percent in the year-ago quarter. International sales accounted for 63 percent of the quarter’s revenue.
Apple sold 51 million iPhones, an all-time quarterly record, compared to 47.8 million in the year-ago quarter. Apple also sold 26 million iPads during the quarter, also an all-time quarterly record, compared to 22.9 million in the year-ago quarter. The Company sold 4.8 million Macs, compared to 4.1 million in the year-ago quarter.
Apple’s Board of Directors has declared a cash dividend of $3.05 per share of the Company’s common stock. The dividend is payable on February 13, 2014, to shareholders of record as of the close of business on February 10, 2014.
“We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, Software and Services,” said Tim Cook, Apple’s CEO, in a statement. “We love having the most satisfied, loyal and engaged customers, and are continuing to invest heavily in our future to make their experiences with our products and services even better.”
“We generated $22.7 billion in cash flow from operations and returned an additional $7.7 billion in cash to shareholders through dividends and share repurchases during the December quarter, bringing cumulative payments under our capital return program to over $43 billion,” said Peter Oppenheimer, Apple’s CFO, in a statement.
Apple is providing the following guidance for its fiscal 2014 second quarter:
• revenue between $42 billion and $44 billion
• gross margin between 37 percent and 38 percent
• operating expenses between $4.3 billion and $4.4 billion
• other income/(expense) of $200 million
• tax rate of 26.2 percent
Analysts surveyed by Thomson Reuters prior to today’s results expected Apple to earn $14.07 per share on $57.45 billion in revenue.
MacDailyNews Take: Expect to hear that Apple iPhone sales and revenue guidance were weaker than expected.
YKBAID.
UPDATE 4:50PM EST: In after-hours trading, Apple (AAPL) shares are down $31.35, or -5.69%, to $519.15.
How will this be twisted into a negative?
Easy. The stupididiotdumbass iHaters/Bloggers will say…JUST WAIT TILL NEXT QUARTER! Apple is Dead/Doomed/Goner just wait and see, next time!
you asked for it…
http://finance.yahoo.com/news/apples-iphone-sales-lag-wall-213851730.html
Quoting from the related article at AppleInsider:
http://appleinsider.com/articles/14/01/27/apple-reports-131b-in-q1-2014-profit-on-record-sales-of-51m-iphones-26m-ipads
Both the iPhone and iPad sales figures for the December quarter were new records for Apple, besting sales of 47.8 million iPhones and 22.9 million iPads in the year-ago quarter.
Shares of Apple fell nearly 6 percent after the results were first revealed Monday afternoon. Market expectations called for Apple to post $58 billion in revenues on sales of around 56.5 million iPhones and 24.5 million iPads.
Apple has a record quarter. But someone (who?) set the expectations waaayyyy out in LaLaLand as a built-in guarantee that record results could be taken as BAD.
IOW: Wall-Nut Street is thoroughly FCUKED. Outrageous lunacy. Just GOTTA FUD Apple, these worthless biznizz bozo ids.
Ahem spell checker: The word is BOZOIDS.
Agreed…Wallst. is a sham.
Stock price may or may not toil around the low 500’s until Apple releases their next “big” product. But when they do…watch out. Very smart people around Apple even without Jobs. But what are they working on?!?! It’s been 4 years since the iPad was released.
No need to twist it into negative. Look at the guidance for next quarter; even though it’s a slow quarter that guidance is too low.
I believe that’s the reason why stock price dropped after hours.
Smaller margins. Sell, sell, sell.
It was on CNBC a short time ago.
‘Apple Q1: Record iPhone sales but not enough; weak Q2 outlook’ – http://www.zdnet.com/apple-q1-record-iphone-sales-but-not-enough-weak-q2-outlook-7000025616/?s_cid=e589&ttag=e589
Or they will just borrow this text from 2002, as for us, SOME PERSPECTIVE!
“Apple® today announced financial results for its fiscal 2002 fourth quarter ended September 28, 2002. For the quarter, the Company posted a net loss of $45 million, or $.13 per share. Apple shipped 734 thousand Macintosh® units during the quarter, down 14 percent from the year-ago quarter.”
Here comes the stock crash. Timberrrrrrr…
But how come Apple tanks after hours?. What is going on?.
Sellers are stupid. I guarantee Carl Icahn is buying more right now.
I am buying more to pick up the dividend.
It’s tradition 😡
Ichan dumping ( he’s git plenty to spare…)to create panic selling and pressure
He has to generate PaNiC before his BFD stockholder proposal vote. It’s called MANIPULATION.
I am not a fanboy, but $520 seems like a good buying oppurtunity.
Apple didn’t meet the analysts magical iPhone sales iNumbers
Apple is nothing but a huge bag of hurt for shareholders. Don’t try to reason it or analyze it. It will do you no good. Enough said.
Enjoy the fact that Carl Icahn got kicked in the nuts today after buying $1B of Apple stock a few days ago. Oh, how that must have hurt. “No-brainer” he said. He must have been referring to himself.
Hello Mickey Mouse is back with his cartoon analysis.
So what are Apple’s cumulative cash holdings now??
Revenue beat = 4.75% dive, -$~24
here we go- it will be down tomorrow
Tomorrow? They started immediately today going down after the announcements
Apple is doomed! Doomed, I tell you!
How fast will AAPL go down as they only had yet another record quarter?
Oh no! Apple is doomed….they make too much money:-)
Apple is Doomed! Doomed, I tell you, Doomed! *lightning and thunder*
The fix is in.
WOw .. Down 31
We are good people. We know what we are talking about. Just follow us, and you can’t go wrong.
It is Apple Christmas, I have so much hope for Apple even though Apple beats Wall Street expectation. However, AAPL tanks after hour. What a strange world after all.
And stock is down 6%. I just don’t get it.
Stock manipulation. Short the stock to trigger selloffs, then buy yourself at the lower price you’re comfortable with, resell once you secure the dividend and price increased, then repeat ad infinitum.
This strategy is making the fortunes of a lot. icahn is one of those happiest to resort to this.
Meanwhile Google announces another Beta POS/Project/Barges/Useless Goofy Looking Borg Glasses…stocks jump 1000% LOL
Pushing the envelope is usually called innovation and praised by consumers.
Innovation is when you make something that actually works, that people want, and that you can make a profit on….oh, and also that you didn’t COPY from someone else.
This is just not true at all. But it fits your narrative.
“Innovation” implies inventing something of value that is widely adopted:
From the Miriam Dictionary:
“Examples of INNOVATION:
“She is responsible for many innovations in her field.”
“…the latest innovation in computer technology…”
“Through technology and innovation, they found ways to get better results with less work.”
“…the rapid pace of technological innovation…”
your argument is invalid…
Several terms come to mind: Insipid. Facile. Myopic. Un-original. Clueless…to name a few.
By this standard Google Glass in not an innovation either. It’s just eyeglasses combined with a video camera. Nothing new here.
Everything is a remix, right, Zeke?
There is no new thing under the sun. And because of these eternal verities, it could be, and has been, argued without irony that no one deserves accolades for anything, including producing offspring. That too has been done before. But people will persist, and find accolades despite such cant. A fresh, new, joyously smiling face brought into the world never fails to soften the heart and arrest the rhetoric of even the most hardened cynic — excepting a handful of enervated, twisted little trolls that lurk in the interstices of cyberspace, alert for signs of newborn hope, the better to devour it whilst tender.
Precious! Perspicacious! Erudite! Love it!
Google’s 3 Stooges (Schmidt, Page and Brin) are probably laughing their heads off as Android cripples iPhone sales in the millions of units. Google controls Apple’s mobile business by using Android as a giveaway disrupter. It’s hardly costing Google anything to ruin Apple’s mobile hardware business while Google’s search engine and ad business go untouched and unchallenged.
Tim Cook is clueless and will keep hoarding Apple’s cash pile until Apple’s share price reaches the cash value. I warned you people that Wall Street’s perception of Apple is of a failing company but the Loyal Apple Apologists just keep hoping for some miracle to take place. Expect more of the same pounding next quarter.
Bit slow on the uptake Mickey, Wall Street has always thought of Apple as an ailing company at least since the late 80s. You are just another broken if amusing record that we have heard a thousand times before and irrelevant to reality when you simply parrot from previous years.
Beats street? Wtf is cook doing? Are they planning anything new? 51m iPhones compared to 55m estimate? Not good…
And you believe what some ‘analyst’, a self-professed ‘expert’, says regarding estimates of sales?
Wow, dumb, dumber, dumbest.
Dimwit.
Dimwit? You’re an idiot. 55 was the consensus estimate in the middle of the high end and low end range. I’m done with Mdn. You fanboys make my stomach curl…
So I’m a football analyst. I predict that Denver will beat Seattle in the Superbowl by 82 points. Never mind that even a margin of 50 would be a record, because if they don’t win by at least 82 points then I predict they will go 0-16 next year.
So if I dream up an estimate of 60 mil and they fail to match it it’s their fault? Sorry what planet was it you said you are from?
Apple definitely beat the consensus estimates, but analysts could bitch slap the stock because iPhone sales were below the consensus. Per Philip Elmer-Dewitt at Fortune:
http://tech.fortune.cnn.com/2014/01/26/spreadsheet-of-the-day-final-estimates-for-apples-fiscal-q1-2014/
Compare the sales counts in the article above to the spreadsheet image link from the Fortune article below:
Item Actual Analysts Consensus Estimates
Revenue $57.6 $57.35
EPS $14.50 $14.07
iPhones 51 Million 54.88 Million
iPads 26 Million 24.82 Million
Macs 4.8 Million 4.59 Million
Remember too, that what impacts the stock’s price is often the guidance rather than the results. No matter what, it was a great quarter. Lots of cash generated, something sure to fuel more comments from Carl Icahn. No doubt, the pundits will pick on something to harp about, be it market share growth or something else.
Now for the conference call. If the analysts don’t like the slightest nuance in a voice or misinterpret a comment on Apple’s initial China Mobile sales, that could temporarily impact the stock. However….
As an investor, you should always keep in mind this is a long term commitment, and one day does not the stock’s valuation make. Apple should be credited for a positive earnings surprise and increased cash growth from operations. These will eventually push the stock’s valuation up.
Patience, dear investors. Apple is hardly a stock flying under the radar. But in the long run, if the company continues to perform like this, you will emerge the winner. Oh, and enjoy your February dividend. Be sure to reinvest your dividends. In the long run, doing that one thing will make you rich.
iPhones were way low vs. the Street’s expectations. Even though they sold a record number of phones, it wasn’t good by Wall Streets invented standards,
What does it say about the analysts if a record number of iPhone sales is “way low” compared to their estimates?
down 6% in after hours trading($35)
Good buying opportunity
Sigh!. Now I start to believe, nothing Apple doing is good enough for Wall Street.
Want to know why the stock is off after hours? Look no further than this drive-by article from Reuters (talk about negative spin):
Apple’s iPhone sales lag Wall Street expectations
“Apple Inc sold fewer new iPhones than expected over the holidays, reflecting intense competition from arch-foe Samsung Electronics during the crucial period.
“The company sold 51 million iPhones in the quarter, fewer than the 55 million or so expected by Wall Street analysts.
The company on Monday recorded sales of $57.6 billion in its fiscal first quarter, versus expectations for about $57.5 billion.”
Never mind the fact that the iPad and Mac sales were much higher than Wall Street consensus estimates, that the company’s revenue and earnings beat estimates either. In Apple’s case, the stock gets slapped on anything perceived. It raises the question: did Apple perform badly, or did the analysts do yet another terrible job of projecting sales?
We should all want to be stock analysts or TV weathermen. You can be way off the mark and never get fired.
Apple. Doomed to extinction since 1978. Yup, it’s gonna happen any day now. (Not.)
“stock analysts or TV weathermen”
Rather use stock analysts or sheep herders as weatherman actually try to help people, while the herders just fleece the sheep…
Down $33 a share after hours…If you know ANYTHING about Apple…know this..Buy the stock. Hold on to it. Keep an eye on on it and don’t panic, unless something major hits…then go ahead and panic. But till then, it’s safer than gold baby. When they finally switch on the mobile payments functionality and energize the 750 million card holders they have…You won’t believe how much cash they will generate.
Q1 2012 profits $13.06B
Q1 2013 profits $13.1B
Q1 2014 profits $13.1B
Where’s the growth?
People generally don’t buy cell phones as Christmas gifts. Q1 is a poor yardstick.
This is not good, folks. We went through this last year this quarter the stock dropped down to below $300. I bought at a good price point this year. Is it all going to be gone tomorrow? I love the products, I love the company, I hate the shareholders. It’s time to move on. We hear time after time that there are great products coming up. Phablets are going to do it? Professional iPads? The iWatch? we’ve been hearing about the iWatch for years. I was angry last year when the stock tanked, I didn’t think it deserved that. But I’m tired of being wooed into thinking that Apple is growing, doing wonderfully and then in the holiday quarter they produce exactly the same profit the produced the year before? It’s time for a major change. I just don’t think Tim has it in him and it’s really painful for me to say that.
Needless to say Wall Street obviously hates Tim Cook, doesn’t matter what Apple doing is not good enough for Wall Street. Apple can only delivery great products for consumers, Wall Street has all the power to manipulate the stock price. :(‘
Are you really that stupid? Go ahead, you have only yourself to blame.
Of course, you’re deluded enough to try to lay the blame with Apple, and Tim Cook, instead of analysts who are guilty of deliberate stock manipulation, in all but name.
Try growing a brain.
@Rorschard: Don’t put words in my mouth. My comment was that the Wall Street hates Tim Cook which manipulated the stock price even though Apple beats Wall Street expectation. I did not blame Tim, you idiot Rorschach.
He wasn’t talking to you.
Apple absolutely crushed it in the 1st quarter with iPhone and those numbers do not reflect Chinese bought iPhone 5s/c’s, right?
It should be interesting to see if there’s a measurable bounce from Chinese sales in the 2nd qtr. Wall Street is wondering why Apple is entering this market of bottom feeders; Apple doesn’t need “cheap” sales and should stick with the high end market.
I say Apple will do whatever it pleases and Wall Street will continue to guess what the hell is going on in Cupertino and in the Apple market.