related news Apple’s Earnings
Apple’s Earnings Insanely Great
Whatever ground Apple shares lost on news that CEO Steve Jobs is taking another medical leave will likely be quickly regained given the leviathan financials the company just posted. According to Apple’s guidance, earnings per share were to be $4.80 on $23 billion in revenue. According to consensus estimates, EPS was to be $5.38 per share on revenue of $24 billion.Apple blew the doors off both. For its first quarter, it reported record revenue of $26.74 billion and on a record net quarterly profit of $6 billion, or $6.43 per share.
It was a phenomenal quarter for Apple hardware. The company sold 4.13 million Macs during the quarter, a 23 percent unit increase over the year-ago quarter. It sold 16.24 million iPhones–86 percent more than it did a year ago. And it sold 7.33 million iPads. Apple TV sales numbers weren’t disclosed; perhaps we’ll hear something on the call.
The only product to see its sales fall was the iPod. Apple sold 19.45 million iPods during the quarter, a seven percent unit decline from the year-ago quarter.
“We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales,” CEO Steve Jobs said in a statement. “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.”
Catch that? “Some exciting things in the pipeline.”
For the current quarter, Apple expects revenue of $22 billion with earnings per share of $4.90–above the $20.9 billion with earnings of $4.48 per share analysts have been calling for.
Apple shares are on the rise following the news. At $353.03, they’re trading up 3.48 percent.
Apple Earnings
A day after Apple CEO Steve Jobs announced he would be taking a medical leave of absence, Apple posted stunning results for the first quarter of 2011.
Apple's revenue and profits both set new records for the company. Revenue reached $26.74 billion for the quarter that ended December 25, 2010 (a 71% increase over last year), and net quarterly profit hit a high of $6 billion.
Expected earnings help put the magnitude of those numbers in perspective: TechCrunch notes, "Well, coming off its best quarter ever in terms of revenue ($20.34 billion in Q4), Apple was projecting $23 billion in revenue for the quarter. The Street, meanwhile, recognizing that Apple always lowballs these numbers, thought revenue would be more like $24.38 billion. The actual number? $26.74 billion."
iPad and iPhone shipments surpassed analysts' expectations, while Mac shipments (4.3 million) and iPod shipments (19.45 million) fell slightly short. In total, Apple reported that 160 million iOS devices have been activated.
Stocks shrug off news about Apple CEO, bank earnings report
NEW YORK - Boeing Co. and Caterpillar Inc. led stocks higher Tuesday, pushing the Dow Jones industrial average to its highest close since June 2008.Boeing shares rose 3.4 percent after reporting that it expected to deliver its long-awaited 787 jet in the third quarter. Caterpillar gained 2.8 percent. The two companies contributed more than half of the Dow's 50-point rise.
Indexes swung between gains and losses earlier in the day. Apple Inc. weighed on the Nasdaq composite index after the company announced that its chief executive officer, Steve Jobs, was taking another medical leave. Apple fell 2.3 percent to $340.65.
After the market closed, Apple said its net income soared 78 percent in the holiday quarter. The company sold 16 million iPhones, an 86 percent increase from the year before, and about a million more iPads than analysts expected.
Banks dropped after Citigroup Inc. reported earnings that fell short of analysts' forecasts. Citigroup fell 6.4 percent. Bank of America lost 1.6 percent.
Philadelphia's Sunoco Inc. rose 4 percent as the U.S. dollar fell, sending commodity prices higher. Alcoa Inc. rose 1.9 percent.
Delta Air Lines Inc. dropped 8.2 percent after winter storms caused the carrier's earnings to come in lower than investors had expected.
The Dow rose 50.55 points, or 0.4 percent, to close at 11,837.93. The Dow has already gained 2.2 percent this year as optimism builds about the economy. The index rose 11 percent last year, or 14 percent including dividends.
The Standard & Poor's 500 index edged up 1.78, or 0.1 percent, to close at 1,295.02. The Nasdaq rose 10.55, or 0.4 percent, to 2,765.85.
The Russell 2000 index of smaller-company stocks edged down 0.01 at 807.56.
European markets rose after Greece raised $865 million in another successful bond auction. That allayed concerns about Europe's financial system, which have been a drag on U.S. markets.
"In Europe, finance leaders put up a sort of fire wall to contain the spread of the debt crisis," Quincy Krosby, chief market strategist for Newark, N.J.-based Prudential Financial Inc., told Bloomberg News. "We don't know how long it's going to last, but it seems to be working. The markets are responding accordingly."
Bond prices fell, pushing their yields higher. The yield on the 10-year Treasury note rose to 3.37 percent from 3.32 percent late Friday. U.S. markets were closed Monday for Martin Luther King Jr.'s Birthday.
Rising stocks outpaced falling ones by a small margin on the New York Stock Exchange.
Consolidated volume was 5.2 billion shares.
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