Apple's Financial Results for Q1 2011: Highest Earnings, Biggest Revenue Growth So Far
Article by George Norman
On 19 Jan 2011
Cupertino-based software developer apple has made public its financial results for its Q1 2011, the quarter that ended on the 25th of December. In Q4 Apple reported record revenues and profit, so it comes as no surprise that Apple did very well (from a financial point of view) in Q1 2011 as well. What does come as a surprise is that for Q1 Apple reported record revenue growth, the highest earnings so far.

Here are some figures to put things in perspective:
Total Revenues – $26.74 billion.
Net quarterly profit - $6 billion, or $6.43 per diluted share.

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To even better put things in perspective, here’s how Apple did compared to previous quarters. For Q4 2010 Apple reported total revenues of $20.34 billion and a net quarterly profit of $4.31 billion ($4.64 per diluted share). For Q3 2010 it reported total revenues of $15.7 billion and a net quarterly profit of $3.25 billion ($3.51 per diluted share). For Q2 2010 Apple reported total revenues of $13.5 billion and a net quarterly profit of $3.07 billion ($3.33 per diluted share. For Q1 2010 Apple reported total revenues of $15.68 billion and a net quarterly profit of $3.38 billion.($3.67 per diluted share).

The record revenue growth is attributed to the iPad. In Q1 2011 Apple sold 7.33 million iPads. The iPad’s commercial success is the reason why Apple reported record revenue growth for Q1.

Alongside 7.33 million iPads, Apple sold 4.13 million Macs, 16.24 million iPhones, and 19.45 million iPods in Q1 2011.

“We couldn’t be happier with the performance of our business, generating $9.8 billion in cash flow from operations during the December quarter,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the second fiscal quarter of 2011, we expect revenue of about $22 billion and we expect diluted earnings per share of about $4.90.”

“We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales. We are firing on all cylinders and we’ve got some exciting things in the pipeline for this year including iPhone 4 on Verizon which customers can’t wait to get their hands on,” said Apple’s CEO Steve Jobs, who recently announced that he took a medical leave of absence.



Tags: Apple, Revenues, Profit, Q1 2010, Financial results
About the author: George Norman
George is a news editor.
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