Apple Reports First Quarter Results – Profit of $6 billion
Apple today announced financial results for its fiscal 2011 first quarter ended December 25, 2010. The Company posted record revenue of $26.74 billion and record net quarterly profit of $6 billion, or $6.43 per diluted share. These results compare to revenue of $15.68 billion and net quarterly profit of $3.38 billion, or $3.67 per diluted share, in the year-ago quarter. Gross margin was 38.5 percent compared to 40.9 percent in the year-ago quarter. International sales accounted for 62 percent of the quarters revenue. Apple sold 4.13 million Macs during the quarter, a 23 percent unit increase over the year-ago quarter. The Company sold 16.24 million iPhones in the quarter, representing 86 percent unit growth over the year-ago quarter. Apple sold 19.45 million iPods during the quarter, representing a seven percent unit decline from the year-ago quarter. The Company also sold 7.33 million iPads during the quarter.
We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales, said Steve Jobs, Apples CEO. We are firing on all cylinders and weve got some exciting things in the pipeline for this year including iPhone 4 on Verizon which customers cant wait to get their hands on. We couldnt be happier with the performance of our business, generating $9.8 billion in cash flow from operations during the December quarter, said Peter Oppenheimer, Apples CFO. Looking ahead to the second fiscal quarter of 2011, we expect revenue of about $22 billion and we expect diluted earnings per share of about $4.90.
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