Apple Posts FY 2009 First Quarter Results

As promised, Apple held a conference with analysts and the media announcing financial results for its fiscal 2009 first quarter ended December 27, 2008. Despite the rough times we currently find ourselves in, Apple was happy to post record revenue of $10.17 billion and record net quarterly profit of $1.61 billion, or $1.78 per diluted share.

It is worth noting that the year-ago quarter saw revenue of $9.6 billion and net quarterly profit of $1.58 billion, or $1.76 per diluted share. Gross margin was 34.7 percent, equal to the year-ago quarter, Apple revealed, while 46 percent of the quarter’s revenue were International sales.

Apple recognizes revenue and cost of goods sold for iPhone and Apple TV over their economic lives, in accordance with the subscription accounting treatment required by GAAP, the company says. The official report reveals,

Adjusting GAAP sales and product costs to eliminate the impact of subscription accounting, the corresponding non-GAAP measures* for the quarter are $11.8 billion of “Adjusted Sales” and $2.3 billion of “Adjusted Net Income.”

So, here's the breakdown for Q1 Mac, iPod and iPhone sales:

Macintosh - Apple sold 2,524,000 Macintosh computers during the quarter, representing nine percent unit growth over the year-ago quarter.

iPod -  Apple sold a record 22,727,000 iPods during Q1, representing three percent unit growth over the year-ago quarter.

iPhone - Apple sold 4,363,000 iPhone units, representing 88 percent unit growth over the year-ago quarter.

“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 Steve Jobs, Apple’s CEO.  

“Our outstanding results generated over $3.6 billion in cash during the quarter,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the second fiscal quarter of 2009, we expect revenue in the range of about $7.6 billion to $8 billion and we expect diluted earnings per share in the range of about $.90 to $1.00.”  

Don't go too far - we'll be covering some pretty interesting statements coming from Apple's execs in upcoming articles.