Apple Posts Record Earnings for Q1 2010

As expected, Apple has announced its financial results for the fiscal 2010 first quarter ended on December 26, 2009. Posting a revenue of $15.68 billion and a net quarterly profit of $3.38 billion (or $3.67 per diluted share), the company confirmed an all-time highest revenue and profit.

According to the company headquartered in Cupertino, California, these results compare to the revenue of $11.88 billion and the net quarterly profit of $2.26 billion, or $2.50 per diluted share, in the year-ago quarter, beating analysts’ expectations by far. It recorded a gross margin of 40.9 percent, up from 37.9 percent in the year-ago quarter, while international sales accounted for 58 percent of the quarter’s revenue, according to the company’s official report.

Macintosh computers sold 33 percent more units compared to the year-ago quarter – 3.36 million. 8.7 million iPhones were sold in the quarter, representing a 100-percent unit growth, while iPods saw an eight-percent unit decline from the year-ago quarter, with just 21 million sold.

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

“We are very pleased to have generated $5.8 billion in cash during the quarter,” Peter Oppenheimer, Apple’s CFO, said. “Looking ahead to the second fiscal quarter of 2010, we expect revenue in the range of about $11.0 billion to $11.4 billion and we expect diluted earnings per share in the range of about $2.06 to $2.18.”

Apple also announced that, during Q1 2010, the company elected retrospective adoption of the Financial Accounting Standards Board’s amended accounting standards related to certain revenue recognition. The move significantly changed how the Company accounted for sales of products like the iPhone and the Apple TV, the company said. The FY 10 First Quarter Results Conference Call live webcast is available for replay here.