Apple just posted their Q1 2011 financial results. The company posted a record revenue of $26.74 billion with 7.33 million iPads sold, 16.24 million iPhones and 4.13 million Macs. The company posted record net quarterly profit of $6 billion, or $6.43 per diluted share. 19.45 million iPods were sold 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.”
In the last quarter, Apple posted record iPhone and Mac sales with 14.1 million iPhone sold, 3.89 million Macs and 4.19 million iPads. The company posted record revenue of $20.34 billion and net quarterly profit of $4.31 billion. In the year-ago quarter, Apple posted revenue of $15.68 billion and a net quarterly profit of $3.38 billion. 3.36 million Macs were sold in Q1 2010, together with 8.7 million iPhones and 21 million iPods.
Apple will provide live streaming of its Q1 2011 financial results conference call at 2:00 PM Pacific, and we’ll update this story with the conference highlights.
Full press release embedded below. Unaudited summary data available here.
Notes from the call:
- Revenue $26.7 billion, increase over $11 billion over year
- Income $6 billion, over $1,7 billion from year ago quarter
- Strong demand of new MacBook Air
- Strong sales of Mac Pro
- Mac App Store available in 90 countries, doing well with over 1000 apps available
- iPod share remains at over 70% in market, iPod top selling in most countries
- iTunes: $1.1 billion revenue
- iTunes users are renting over 400,000 TV show episodes, 150,000 movies per day
- Enterprise: 88 of Fortune 100, 60% of Financial Times Europe testing or deploying iPhones
- Fortune 500, Wells Fargo, Dupont, Staples, Starbucks made iPhone available to employees
- iPad now available in 46 countries
- 160 million iOS devices sold to date
- Over 80% of Fortune 500 are deploying or piloting iPad
- Apple retail: revenue $3.85 billion
- 851,000 Mac sold at Apple retail stores, half sold to new customers
- 323 stores worldwide, 87 outside US
- 75.7 million customers in Apple retail stores
- Four stores in China with highest traffic and highest revenue
- Apple has $59.7 billion in cash now
- $22 billion in revenue expected for next quarter, 38.5% expected gross margin
Quotes From Q&A
Tim Cook: “Very happy with the Mac App Store so far”
TC: “We believe the results from the Verizon iPhone will be huge”
TC: “We are working around the clock to build more iPhones”
TC: Revenue from Greater China (Mainland China, Hong Kong, Taiwan) last quarter was $2.6 billion, up 4 times last quarter
TC: 15 more countries to start selling iPhone in January
TC: “Commodities – going into March quarter. Key metals pricing increasing but other commodities such as batteries and RAM we expect to fall.”
TC: “Apple is doing its best work ever. We are all very happy with product pipeline and the team here has an unparalleled breadth and depth that Steve has driven in the company, and excellence has become a habit. We feel very very confident about the future of the company. I would also note that we’ve done outstanding job in our Mac: 19 straight quarters of outgrowing market, but still have a very low share. It would seem like still enormous opportunity there.” [via]
TC: Apple is not doing a 7-inch tablet, which would be a scaled-up smartphone. It’s a bizarre product.
TC: “Put Android & Windows tablets side by side with an iPad and an enormous percentage will choose iPad.”
TC: “Next generation Android tablets - there’s nothing shipping. They lack performance specs, they lack pricing, they lack timing - so today they’re vapor.”
TC: ” We’re very confident for entering a fight with anyone.”
Tim Cook on iPad sales Vs. Mac sales: “Yes, I think there is some cannibalization”
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