Apple Blows Away Q3 Earnings Estimates – Profits up 125 Percent!

By Nathan Kirsch July 19, 2011

Apple today announced a record quarterly revenue of $28.57 billion and record quarterly net profit of $7.31 billion, or $7.79 per diluted share. The Company sold 20.34 million iPhones in the quarter, representing 142 percent unit growth over the year-ago quarter. Apple sold 9.25 million iPads during the quarter, a 183 percent unit increase over the year-ago quarter. The Company sold 3.95 million Macs during the quarter, a 14 percent unit increase over the year-ago quarter. Apple sold 7.54 million iPods, a 20 percent unit decline from the year-ago quarter. Remember, people don’t have money, but people around the world bought $29 BILLION dollars worth of Apple products. The company also officially announced it will launch the next version of Mac OS X ‘Lion’ tomorrow.

We are extremely pleased with our performance which drove quarterly cash flow from operations of $11.1 billion, an increase of 131 percent year-over-year, said Peter Oppenheimer, Apples CFO. Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50.

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