Apple Reports All-Time Highest Revenue For 2010 Q1

Apple today announced financial results for the first fiscal quarter of 2010, which ended on December 26, 2009, and they are rather astounding. Apple posted revenue of $15.68 billion and a net quarterly profit of $3.38 billion, or $3.67 per diluted share, its all-time highest revenue and profits for a quarter. In comparison, Apple posted revenue of $11.88 billion and a 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, and international sales accounted for 58 percent of the quarter's revenue.

“If you annualize our quarterly revenue, it’s surprising that Apple is now a $50+ billion company,” said Steve Jobs, Apple’s CEO. “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.”

The company was able to sell 8.7 million iPhones in the quarter, which represents a 100 percent unit growth over the year-ago quarter; and sold 21 million iPods during the quarter, which represents an eight percent unit decline from the year-ago quarter. During the quarter Apple adopted revised accounting standards which changes how the company accounts for certain items, specifically sales of the iPhone and Apple TV. According to these new standards, Apple will no longer stretch the income from these devices over a 24-month period.

“We are very pleased to have generated $5.8 billion in cash during the quarter,” said Peter Oppenheimer, Apple’s CFO. “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.”

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