Apple Posts Record Revenue – Sells 7.33 Million iPads Last Quarter

Apple just released financial results for its fiscal 2011 first quarter and the company once again posted record sales numbers. Apple was able to grow sales of iOS products versus the same quarter a year ago.  It post record revenue of $26.74 billion and a net quarterly profit of $6 billion.  This compares to Apple’s revenue of $15.68 billion and net quarterly profit of $3.38 billion for the same quarter in the previous year.

“We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales,” said Steve Jobs, Apple’s CEO. “We are firing on all cylinders and 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.”

Apple reported a slight decrease in Gross Margins again this quarter at 38.5 % compared to 40.9% for the same quarter last year. Apple had told analysts, during previous earning calls, that margins might take a hit due to aggressive pricing on the iPad. The company sold 16.24 million iPhones, 19.45 million iPods and 7.33 million iPad during this busy holiday season.

This blockbuster quarter follows yesterday’s announcement that Apple CEO Steve Jobs was taking another medical leave of absence to concentrate on his health.  During Jobs’ departure, Apple COO Time Cook has taken on day-to-day operations responsibilities as he did in 2009 during Jobs’ last leave of absence.

Full Apple Press Release

Apple Reports First Quarter Results

Record Mac, iPhone, iPad Sales Drive Highest Revenue and Earnings Ever

Revenue Grows 71 Percent; Earnings Grow 78 Percent

CUPERTINO, California—January 18, 2011—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 quarter’s 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, Apple’s CEO. “We are firing on all cylinders and 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.”

“We couldn’t be happier with the performance of our business, generating $9.8 billion in cash flow from operations during the December quarter,” said Peter Oppenheimer, Apple’s 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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