Apple handily beat The Street’s estimate for its fiscal first quarter, reporting revenues of $46.3 billion for the quarter and a net profit of $13.87 per share.
That’s beats $39 billion to $43 billion in revenues and $10.19 to $12.01 that analysts were expecting. The company also sold more iPhones and iPads than had been predicted. In a note to clients on Tuesday, for instance, Sterne Agee’s Shaw Wu said he expected Apple to announce sales of 29.5 million iPhones and 13.5 million iPads. In fact, the company has sold 37 million and 15.4 million, respectively.
“We’re thrilled with our outstanding results and record-breaking sales of iPhones, iPads and Macs,” said Tim Cook, Apple’s CEO, a press release. “Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline.”
The strong sales were no doubt buoyed by the successful introduction of the iPhone 4S in October. But the strong iPad shows also illustrate that Amazon’s competing tablet, Kindle Fire, has done little to halt sales of Apple’s other hit product. Apple’s iPhone sales jumped 128% compared to the year-ago quarter while iPad sales rose 21% from the comparable period in 2010.
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