iCaramba! Apple Crushes Wall Street's Expectations With a Record Breaking Q1
After coming in just under Wall Street expectations in the fourth fiscal quarter of 2011, today Apple reports record earnings in the fiscal first quarter that smashed the expectations set by Wall Street.
The Wall Street consensus predicted earnings of $10.06 per share on revenue of $39 billion, and Apple sailed above expectations with revenue of $46.33 and earnings of $13.87 per share. About 58 percent of revenue came from international sales.
Apple moved 37 million iPhones, including the iPhone 4S, iPhone 4 and the iPhone 3G. Apple also sold more than double the iPads sold one year ago with 15.43 million iPads, a 111 percent unit increase over the year-ago quarter.
Apple also sold 5.2 million Macs during the quarter, a 26 percent unit increase over last year.
Apple sold 30.74 million iPhones in the quarter which represents a 128 percent unit growth over the same quarter a year ago.
"The global demand for the iPhone is staggering and off the charts," David Rolfe, chief investment officer at Wedgewood Partners told MarketBeat. "It looks like they made and sold every iPhone that they possibly could."
Gross margin came in at 45 percent, from 39 percent.
“We’re thrilled with our outstanding results and record-breaking sales of iPhones, iPads and Macs,” said Tim Cook, Apple’s CEO. “Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline.”
This was the first full earnings period with Tim Cook as CEO following the passing of co-founder Steve Jobs.
Only Siri could have seen this coming.
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