Record sales spur Apple to $26.74 billion in 1Q FY2011 revenues

Apple logoApple has again posted record quarterly financial results for fiscal first quarter of 2011. The company sold record numbers of Macs, iPhones, and iPads, beating Wall Street estimates. It also posted revenue, profit, and earnings per share that exceeded its own estimates as well as the Street's consensus.

Apple sold 4.13 million Macs, fueled mostly by its new MacBook Air ultraportables. That represents the first time Apple has sold over 4 million Macs in one quarter, and a 23 percent increase year over year. It also sold 16.24 million iPhones, an impressive 86 percent year over year gain and the second quarter in a row that Apple has outperformed RIM. The company moved 7.33 million iPads, beating Street consensus by over a million units. Finally, Apple sold 19.74 million iPods—a 7 percent decline year-over-year, but the company pointed out that half of those units were pricier iPod touches.

These record sales generated record revenue of $26.74 billion, up 71 percent from a year ago. That translated into $6 billion in profit for the quarter, or $6.34 diluted earnings per share. Apple CFO Peter Oppenheimer had guided investors to expect $23 billion in revenue for an EPS of $4.80, while the Street expected $24.38 billion and $5.38 EPS. Gross margins were 38.5 percent for the quarter—lower than last year's 40.9 percent, but still higher than expected.

Apple also noted that 62 percent of its sales now come from outside the US.

"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 CEO Steve Jobs said in a statement. Apple warned in its year-end statement in September that some of those products are expected to put downward pressure on earnings due to increased component costs and lower margins. Oppenheimer said that the company is targeting revenue of $22 billion and diluted earnings per share of about $4.90 for fiscal second quarter in 2011.

Source: Ars Technica

Tags: Apple, report

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