Apple announces highest first quarter results ever

Apple announces highest first quarter results ever

2011-01-19 13:40:49 GMT+7 (ICT)

CUPERTINO, CALIFORNIA (BNO NEWS) -- Apple on Tuesday announced its first quarter results, the highest revenue and earnings ever as with over 70 percent growth each.

Revenue grew 71 percent while earnings registered a 78 percent increase. In addition, Apple recorded record sales of its Mac, iPhone and iPad products during the fiscal 2011 first quarter which ended on December 25, 2010.

"We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales," said Steve Jobs, Apple's CEO. "We’ve got some exciting things in the pipeline for this year including iPhone 4 on Verizon which customers can’t wait to get their hands on."

The computer and technology company posted record revenue of $26.74 billion and a record net quarterly profit of $6 billion, or $6.43 per diluted share. One year ago, Apple registered $15.68 billion and $3.38 billion of revenue and net quarterly profit respectively.

During the quarter, Apple sold 4.13 million Mac computers, which represented a 23 percent unit increase over last year's first quarter. 16.24 million iPhones were sold in the quarter, a 86 percent, and 19.45 million iPods were purchased in the same period, a seven percent unit decline.

Apple also sold 7.33 million iPads and the overall international sales accounted for 62 percent of the total quarter's revenue. During the quarter, Apple generated $9.8 billion in cash flow from operations.

Peter Oppenheimer, Apple's CFO, said that the company expects to post revenue of about $22 billion and we expect diluted earnings per share of about $4.90 in second fiscal quarter of 2011.

On Monday, Apple CEO Steve Jobs announced that he will take a medical leave from the company due to his latest health struggles. Jobs is a pancreatic cancer survivor who received a liver transplant in 2009.

In the meantime, Jobs designated Tim Cook to be responsible for Apple’s day to day operations. Cook, 50, is currently Apple's Chief Operating Officer.

-- © BNO News All rights reserved 2011-01-19