Apple posts fiscal 2009 first quarter results
Cupertino (CA) - Apple released its financial results for the just ended holiday quarter. The company showed solid growth in Macintosh sales by moving over 2.5 million units, in addition to higher than expected sales of its iPod music player that moved nearly 23 million units during the quarter. Apple also sold a solid 4.3 million iPhones, that adds up to 2 million more units than existed in the channel in the previous quarter. Apple beat analysts' estimates by zooming past the $10 billion revenue mark for the first time ever in its history, with a higher than expected gross margin of nearly 35 percent.
Apple results were for the first fiscal 2009 quarter earnings (fourth calendar quarter of 2008), which ended December 27, 2008. The company reported revenue of $10.17 billion and net quarterly profit of $1.61 billion, or $1.78 per diluted share, up from the revenue of $9.6 billion and net quarterly profit of $1.58 billion ($1.76 per diluted share) a year ago. International sales accounted for 46 percent of the quarter's revenue. Apple said that gross margin was 34.7 percent, matching gross margins a year ago.
"Even in these economically challenging times, we are incredibly pleased to report our best quarterly revenue and earnings in Apple history—surpassing $10 billion in quarterly revenue for the first time ever," said Apple CEO Steve Jobs.
The company sold 2,524,000 Macintosh desktops and notebooks during the quarter, and that constitutes a nine percent unit growth over a year ago. They also sold a whopping 22,727,000 iPods. Sales of the music player grew three percent compared to the same quarter a year ago. iPhone sales reached 4,363,000 units, up 88 percent annually.
Since Apple reports iPhone and Apple TV sales in accordance with the subscription-based accounting treatment required by GAAP, the company also reported non-GAAP results which better reflect impact of iPhone and Apple TV sales on the overall revenue. Without GAAP accounting, Apple would have reported their so-called "adjusted sales" for the quarter at $11.8, translating into $2.3 billion of "adjusted net income."
Peter Oppenheimer, Apple's chief of finance, said that the company's performance during the quarter generated an additional $3.6 billion in cash reserves. The company's second fiscal quarter guidance falls in the range of about $7.6 billion to $8 billion in terms of revenue, with an estimated diluted earnings per share in the range of about $.90 to $1.00.