Apple has announced financial results for its fiscal 2010 first
quarter that ended Dec. 26, 2009.
The company posted revenue of US$15.68 billion and a net quarterly
profit of $3.38 billion, or $3.67 per diluted share. These results
compare to revenue of $11.88 billion and net quarterly profit of
$2.26 billion, or $2.50 per diluted share, in the year-ago quarter.
Gross margin was 40.9 percent, up from 37.9 percent in the year-ago
quarter. International sales accounted for 58 percent of the
Apple sold 3.36 million Macs during the quarter, representing a 33%
unit increase over the year-ago quarter. The company sold 8.7 million
iPhones in the quarter, representing 100% unit growth over the
year-ago quarter. Apple sold 21 million iPods during the quarter,
representing an 8% unit decline from the year-ago quarter.
During the quarter Apple elected retrospective adoption of the
Financial Accounting Standards Board’s amended accounting standards
related to certain revenue recognition. Adoption of the new
accounting standards significantly changes how the company accounts
for certain items, particularly sales of iPhone and Apple TV.
“If you annualize our quarterly revenue, it’s surprising that Apple
is now a $50+ billion company,” says Steve Jobs, Apple’s CEO. “The
new products we are planning to release this year are very strong,
starting this week with a major new product that we’re really excited
“We are very pleased to have generated $5.8 billion in cash during
the quarter,” adds Peter Oppenheimer, Apple’s chief financial
officer. “Looking ahead to the second fiscal quarter of 2010, we
expect revenue in the range of about $11.0 billion to $11.4 billion
and we expect diluted earnings per share in the range of about $2.06