Apple reports $3.38 billion profit for first quarter

Apple on Monday reported a first quarter 2010 profit of $3.38 billion on $15.68 billion of revenue. This compares to a profit of $2.26 billion on revenue of $11.88 billion for the same quarter last year. Earnings per diluted share in 2010 were $3.67, compared to $2.50 in the year-ago quarter.

“If you annualize our quarterly revenue, it’s surprising that Apple is now a $50+ billion company,” Steve Jobs, Apple’s CEO, said in a statement. “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 about.”

In reporting its earnings, Apple said it sold 3.36 million Macs, representing a 33 percent unit increase over the year-ago quarter. The company also sold 8.7 million iPhones in the quarter, representing 100 percent unit growth over the year-ago quarter.

Apple sold 21 million iPods during the quarter, representing an eight percent unit decline from the year-ago quarter.

Peter Oppenheimer, Apple’s CFO, said the company generated $5.8 billion in cash during the quarter. Looking ahead, Oppenheimer said Apple expects to report revenue of $11.0 billion to $11.4 billion in the second fiscal quarter.

Apple’s stock closed at $203.07, up 2.69 percent or $5.32. The stock continued to rise in after-hours trading where it is at $204.02, up $0.25 or 0.12 percent.

Eric

Wow. Wall Street is actually getting it right and not dropping Apple's stock price on good news from the company. Who'd a thunk?
http://intensedebate.com/people/jdalrymple Jim Dalrymple

It is kind of amazing. Glad to finally see it though.
http://www.facebook.com/flargh Peter Cohen

It won't last!
http://intensedebate.com/people/zwei zwei

It's going to drop tomorrow once people see that the iFlatThing doesn't levitate and grant 3 wishes.
- Ron
  
  LOL. Too true. It'll grant 2 wishes & come with a pony, and people will complain, "I expected it to cost $400! And no 3rd wish? Epic fail."
http://intensedebate.com/people/jdalrymple Jim Dalrymple

Ah,, but it does come with a clown horn according to Peter.
tilley

How can they announce Q1 profit when we're only half way through Q1?
- http://www.facebook.com/flargh Peter Cohen
  
  Because, like about 35 percent of United States corporations, Apple's fiscal year is different from the calendar year. Apple's fiscal year starts in October.
  
  Even the U.S. government has a fiscal year that operates starting in October.
  
  A fiscal year is simply a period that a business or government entity uses to calculate statements, it doesn't have to coincide with the calendar.
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