Apple Posts the Largest Corporate Earnings in History
AAPL falls 10% in after-hours trading as negative rumors continue to circulate
Apple has announced the financial results for the first fiscal quarter of 2013. The company posted record quarterly revenue of $54.5 billion / €40.9 billion and record quarterly net profit of $13.1 billion / €9.8 billion (or $13.81 per diluted share).Even though the figures were confirmed as the best quarterly results ever recorded by any company in the history of our planet, Wall Street was disappointed.
As a result, the company’s share price took another tumble yesterday in after-hours trading, dropping a massive 10%, which reduced Apple’s market valuation by as much as $50 billion / €37.5 billion.
Apple sold a record 47.8 million iPhones in the quarter. Last year, a number of 37 million for the same quarter.
A record 22.9 million iPads were sold during the quarter, compared to 15.4 million last year.
The company’s Mac division sold 4.1 million computers, compared to 5.2 million in the year-ago quarter, indicating a considerable decrease in sales (possibly as a result of iPad cannibalization).
12.7 million iPods were sold in Q1 2013, down three million from the 15.4 million units sold in the year-ago quarter.
“We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter,” said Tim Cook, Apple’s CEO. “We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.”
“We’re pleased to have generated over $23 billion in cash flow from operations during the quarter,” said Peter Oppenheimer, Apple’s CFO. “We established new all-time quarterly records for iPhone and iPad sales, significantly broadened our ecosystem, and generated Apple’s highest quarterly revenue ever.”
Apple expects revenue between $41 billion / €30.7 billion and $43 billion / €32.2 billion for its fiscal 2013 second quarter, as well as gross margin between 37.5 percent and 38.5 percent.
Operating expenses are projected between $3.8 billion / €2.8 billion and $3.9 billion / €2.9 billion, with other income/(expense) of $350 million / €262 million and a tax rate of 26%.