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SOFTWARE INDUSTRY NEWS |
Apple reports strong first quarter results |
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Apple has announced financial results for its fiscal 2010 first quarter ended December 26, 2009. Apple posted revenue of $15.68 billion and a net quarterly profit of $3.38 billion, equivalent to $3.67 per diluted share. These results compare to revenue of $11.88 billion and net quarterly profit of $2.26 billion, or $2.50 per diluted share, in the same quarter a year ago. Gross margin was 40.9 percent, up from 37.9 percent in the year-ago quarter. Apple siad international sales accounted for 58 percent of the quarter’s revenue. Apple sold 3.36 million Macintosh computers during the quarter, representing a 33 percent unit increase over the same quarter a year ago. The company sold 8.7 million iPhones during the quarter, representing a 100 percent unit growth over the year-ago quarter. Apple sold 21 million iPods during the quarter, representing an eight percent unit decline from the year-ago quarter. “If you annualize our quarterly revenue, it’s surprising that Apple is now a $50+ billion company,” said Steve Jobs, Apple’s CEO. “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.” During the quarter Apple elected retrospective adoption of the Financial Accounting Standards Board’s amended accounting standards related to certain revenue recognition. Apple said the adoption of these new standards significantly changes how the company accounts for certain items, particularly sales of iPhone and Apple TV. The new accounting principles result in the company’s recognition of substantially all of the revenue and product cost for iPhone and Apple TV when those products are delivered to customers. Under the earlier historical accounting principles, the company was required to account for sales of both iPhone and Apple TV using subscription accounting, under which revenue and associated product cost of sales for both products were deferred at the time of sale and recognized on a straight-line basis over each product’s estimated economic life. This resulted in the deferral of significant amounts of revenue and cost of sales related to iPhone and Apple TV. Apple said that because it began selling both the iPhone and Apple TV in fiscal 2007, the company retrospectively adopted the new accounting principles as if the new accounting principles had been applied in all prior periods. Consequently, it has revised the financial results of each quarter from fiscal 2007 through fiscal 2009. “We are very pleased to have generated $5.8 billion in cash during the quarter,” said Peter Oppenheimer, Apple’s CFO. “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.” |
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