THE AMAZING APPLE EARNING RESULTS

Files under General | Apr 20th

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“We’re thrilled to report our best non-holiday quarter ever,” said Apple Chief Executive Steve Jobs.

The Wall Street Journal headline:

Apple 2Q Profit Surges 90% Amid Surging IPhone Sales

Forbes: Sensational earnings report.

Business Insiders summary of the second quart Apple earnings results:

Apple shipped 8.75 million iPhones last quarter, versus expectations around 7 million.

Mac sales were solid: 2.94 million shipped, versus expectations around 2.7 million. And Apple’s iPod business is still showing signs of life: 10.89 million units shipped vs. 9 million Street consensus.

  • Revenue: $13.5 billion vs. $12.06 billion consensus. $13.25 billion high Street estimate, $11.0-$11.4 guidance. Anything above $12.5 billion would be solid.
  • EPS: $3.33 vs. $2.44 consensus, $2.72 high Street estimate, $2.06 to $2.18 guidance, $2.95 “real” guidance (based on Apple’s historic outperformance of its guidance). Anything above $2.50 would be solid.
  • iPhone units: 8.75 million vs. 6.8 million Street consensus, 7-8 million implied by Jobs during iPhone 4.0 keynote in early April. Anything above 8 million would be impressive. Anything below 7 million would be disappointing.
  • Mac units: 2.94 million vs. 2.7 million Street consensus, 2.8 million to 2.9 million implied by NPD data, says Piper Jaffray’s Gene Munster. Anything above 3 million would be impressive.
  • iPod units: 10.89 million vs. 9 million Street consensus, 9 million to 10 million implied by NPD data, says Munster. Anything above 9 million is fine for this slowly dying line. Above 10 million would be impressive.
  • June qtr. revenue guidance: $13 billion to $13.4 billion vs. Typical “comically conservative” guidance expected. Could swing widely depending on iPhone 4.0 launch targets (June vs. July) and possibly iPad supply/demand. Munster expects $12.37 billion, well below the Street’s $12.94 billion consensus. Anything approaching $12.75 billion midpoint would be considered strong.
  • June qtr. EPS guidance: $2.28 to $2.39 vs. Typical “comically conservative” guidance expected. Could swing widely based on iPhone. Munster expects $2.33 midpoint, well below Street’s $2.69 consensus. Anything approaching $2.70 would be considered strong.

Shares of Apple are up 8 percent $264.20 in aftermarket movement.


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