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Tuesday, 26 January 2010 04:23

Apple reports $3.38 billion Q1 profit, iPhone sales double

Written by Jon Worrel

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Its “all-time highest revenue and profit”


Apple
just released its fiscal Q1 2010 financial results to analysts and investors just a few hours ago, revealing that the fruit-themed toymaker effectively doubled its iPhone sales compared to last year.

The company’s conference call concluded to state that net income for the quarter ending December 31, 2009 surged 50-percent from a year earlier to a record $3.4 billion ($3.67 per share). The company sold 8.7 million iPhones during a very strong holiday sales period, and up to 7.4 million units in the prior quarter.

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In contrast, analysts who were polled had expected earning of $2.08 per share. In perspective, Apple’s total sales rose 32-percent to a record $15.7 billion, marking the second straight quarter in which Apple has posted record revenue. "If you annualize our quarterly revenue, it's surprising that Apple is now a $50+ billion company," said CEO Steve Jobs. "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."

Meanwhile, Macintosh sales spiked up 33-percent and iPod sales continued to decline with an 8-percent drop over a year ago. "We're shipping our best products ever and customers love them,” said Peter Oppenheimer, Chief Financial Officer.

"Apple still has a fair amount of headroom with the iPhone given how big the market is," said Barry Jaruzelski, an analyst at Booz & Co. "That's one of the reasons why a cell phone was an obvious choice to fill the gap left by leveling-off iPod sales."

According to Engadget, laptop sales were up 18 percent, and people like the new MacBook. People also like the new iMac, and in particular, education sales went up a whopping 61-percent.

On another note, a few comments were asked during the financial conference call regarding Apple’s stance with AT&T. “AT&T is a great partner, it's important to remember that they have more mobile broadband usage than any other carrier in the world,” said Tim Cook, Chief Operating Officer. “In the vast majority of places, iPhone customers are getting a great experience. AT&T has acknowledged problems, we've personally reviewed their plans to fix it and we're confident it'll be handled.”

Several questions were also asked regarding upcoming unannounced products and everyone’s favorite unrevealed tablet that has been kept under wraps for so long. “I don't want to take away your joy and surprise on Wednesday, so let's save that,” said Cook.

Overall, Apple has proven itself a leader in the moneymaking game in this industry. Despite the confrontationally mixed opinions and impressions that various readers hold of Steve Jobs, we are still inclined to say that the man does know how to run a company. Stay tuned for more updates regarding “unannounced products” on Wednesday at 10am PST.

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Last modified on Tuesday, 26 January 2010 10:36

Jon Worrel

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