Apple’s Insane Q1 2011: $26.7 Billion Revenue; 7 Million iPads, 16 Million iPhones Sold
Apple has had a rough couple of days. Yesterday, CEO Steve Jobs announced a medical leave of absence. As a result, the stock plunged today before rallying back to close down just over 2 percent. But this should cheer everyone up. Apple has just announced their Q1 2011 (their holiday quarter) earnings â€” and as many anticipated, they’re massive.
How massive? 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.
Earnings per share had been pegged at $5.38 by the street (well ahead of Apple’s $4.80 estimate). The actual number there was $6.43. Net quarterly profit, meanwhile, was $6 billion â€” well above the record $4.3 billion Apple did last quarter.
In terms of actual products, Apple sold 16.24 million iPhones, a new record for the company. Perhaps more impressively, they sold 7.33 million iPads â€” over 3 million more than last quarter.
Apple also sold 4.13 million Macs and 19.45 million iPods during the quarter. The Mac sales were also a new record and were up 23 percent year-over-year (though a little below what some had been projecting). iPod sales, meanwhile, were down 7 percent year-over-year, continuing their decline.
Gross margins also continued their trend of being slightly off what they were in the year-ago period. This quarter they were 38.5 percent versus 40.9 percent a year ago. This likely has a lot to do with how well the iPad is selling â€” a device which Apple priced fairly low compared to their normal margins.
Jobs as quoted in the release on the numbers saying, “We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales. We are firing on all cylinders and weâ€™ve got some exciting things in the pipeline for this year including iPhone 4 on Verizon which customers canâ€™t wait to get their hands on.â€
More to come.
- Apple Earnings Q2 ’11: $24.67B Revenue; 3.76M Macs, 18.65M iPhones, 4.69M iPads Sold
- Apple Posts All-Time Record Revenue Of $15.7 Billion; Sells 8.4 Million iPhones And 3.27 Million iPads In Q3
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- Apple Q4: $20B Revenue, $4B Profits, 3.89M Macs, 14.1M iPhones, 4.19M iPads — All New Records