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Apple Reports Record $3.38 Billion Profit for Q1 2010 on Highest Revenue in History
The company has adopted revised accounting standards that no longer require Apple to parcel out income from iPhone and Apple TV sales over a 24-month period from the date of sale, and the company has retrospectively revised financial results for previous quarters to reflect this change. Apple previously released two sets of financial numbers, one official set utilizing this subscription-based accounting for the iPhone and Apple TV and a second "non-GAAP" set that more accurately portrayed the company's performance.
Apple shipped 3.36 million Macintosh computers during the quarter, a unit increase of 33 percent over the year-ago quarter. The company also sold 21 million iPods during the quarter, representing 8 percent unit decline over the year-ago quarter. Quarterly iPhone unit sales reached 8.7 million, up 100 percent 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."Apple's guidance for the second quarter of fiscal 2010 includes expected revenue of $11.0 billion to $11.4 billion and earnings per diluted share of $2.06 to $2.18.
Apple will provide live streaming of its Q1 2010 financial results conference call at 2:00 PM Pacific, and MacRumors will update this story with coverage of the conference call highlights.
Conference Call Highlights:
- Apple opened 10 new stores in this quarter, bring the worldwide store total to 283
- A record 50.9 million people visited Apple stores this quarter
- New FASB rules requires Apple to estimate software upgrade revenue for Apple TVs and iPhones over the upcoming 24 months and recognize this revenue at the time of sale rather than later
- Tim Cook stated during the Q&A section, "We believe we are shipping the best product we've ever shipped and are very excited about the product pipeline."
- In response to a question on the future guidance provided during the call, Cook stated "You may be alluding to the event on Wednesday," and "We don't have anything to share on that today. Stay tuned."
- When asked about how the iPhone is performing in China, Cook stated that the company typically does not disclose sales by country, but Apple is focused on the long-term for that market and believe it has "significant potential."
- Regarding iPhone inventory during the quarter, Apple could have sold "a lot more" but chose to manage inventory tightly instead.
- In answering a question about the complaints about the App Store approval process, Cook responded that it's important to keep this in perspective given that there are over 100,000 apps in the store and over 90% of these have been approved within 14 days. The focus during the approval process is ensuring consumer privacy is respected and most rejections are because of bugs.
- When queried about possible new product categories for the future, Cook declined to comment in light of the upcoming event on Wednesday.
- Going back to the topic of the iPhone in China and other emerging markets, Cook commented that the company is very focused on these markets and they recognize the differences in customer populations and learn from them.
- Total capital expenditure is expected to be $1.9 billion (no change from previous guidance), with about $400 million going to retail and $1.5 billion in other areas - these expenditures will be focused on facilities, infrastructure, and manufacturing.
- Regarding the iPhone in business, Cook stated that 70% of the Fortune 100 are piloting or deploying the iPhone and the company "feels great" about this.
- When asked about the acquisitions of Lala and Quattro and Apple's future direction, Peter Oppenheimer said the company had acquired Quattro to "offer developers a seamless way to make more money" in their apps, particularly free apps.
- Apple would not comment further to questions on expectations on mobile advertising and its impact on future revenue.
- Education was up 16% year-over-year and the company expects to continue to do well in this market with continued focus.
The conference call concluded just after 3:00 pm Pacific time. A replay of the conference call will be available for 2 weeks at phone numbers +1-888-203-1112 and +1-719-457-0820, using confirmation number 4035751, starting at approximately 5:00 pm Pacific time today. It will also be available in iTunes as a podcast shortly.