Apple Quarterly Earnings Blow Wall Street Projections Out of The Water Again
Apple is dominating yet another earnings season on Wall Street. On Wednesday, the Mac maker boasted a profit spike of 95%, a reality made possible by sales of 18.65 million iPhones, 4.69 million iPads and 3.76 million Macs. The company reported $6.40 in earnings per share on revenues of $24.67 billion, topping Wall Street projections of $5.36 a share on revenue of $23.34 billion.
“With quarterly revenue growth of 83 percent and profit growth of 95 percent, we’re firing on all cylinders,” Apple Chief Executive Steve Jobs said. “We will continue to innovate on all fronts throughout the remainder of the year.” Continuing the quarterly tradition of beating the street, Apple Chief Financial Officer Peter Oppenheimer said the positive quarter is a precursor of more growth to come. “We are extremely pleased with our record March quarter revenue and earnings and cash flow from operations of over $6.2 billion,” Oppenheimer said on the earnings call. “Looking ahead to the third fiscal quarter of 2011, we expect revenue of about $23 billion and we expect diluted earnings per share of about $5.03.”
Also on the call was Apple Chief Operating Officer Tim Cook, who referenced the iPhone and its corresponding sales as being "off the charts," a reality that was even apparent in details of AT&T's quarterly earnings
released earlier in the day. But for Apple, iPhone growth was a global phenomenon. And Cook was quick to point out that China played a major role in the last quarter's fiscal bonanza. "We continued to be on a tear in China," Cook said. "Greater China saw iPhone sales being up over three times, almost 250 percent."
Reporting for the Wall Street Journal, writer Matt Phillips briefly paused from his usual written eloquence to sum up today's earnings call from Apple with one word: "wow." That about captures everyone's sentiment at the moment.
Source: Wall Street Journal