Apple Financial Report for Q1 2010: All-Time Highest Revenue and Profits

By Graham K. Rogers


Apple Corporation released its latest financial results, for Q1 2010, starting at 2pm Pacific Time (5 am Bangkok) on Tuesday 26 January and the following highlights were revealed.

  • Revenue for the quarter was $15.68 billion with a net profit of $3.38 billion compared with $11.88 billion revenue and $2.26 billion net profit for the same quarter last year, an increase of just under 50%. Significantly 58% of the revenue was from international sales giving Apple its all-time highest revenue and profit.

  • Sales of Macintosh computers reached 3.36 million in the period, which was an increase of one-third over the same period the previous year.

  • Sales of iPhones were 8.7 million which was 100% growth, while there was an 8% decine in the number of iPods sold to 21 million although iPod touch slaes grew 55%.

  • Apple now has cash reserves of $39.8 billion.

Peter Oppenheimer, CFO announced that $5.8 billion of cash had been generated during the quarter and predicted that the following quarter would show revenue of about $11 billion. Apple's revenue predictions, however, are always on the conservative side.

During the session, Oppenheimer also mentioned that the growth in desktop Macs had been 70% compared with the same period, while year over year sales showed an 18% growth in sales of portable computers. He mentioned certain countries during the presentation: Italy, France, Switzerland and Spain showed an increase of at least 40%; sales in Australia grew by 70%; China showed an increase of 100% in sales where as well as Mac sales some 200,000 iPhones were (officially) activated. Later he also referred to the Asia-Pacific region where sales of Macs grew by 54% and iPhones by 500% year over year. In education, sales of Macs increased by 16% in the period.

In a press release, Steve Jobs, Apple's CEO said, "If you analyse our quarterly revenue, itŐs surprising that Apple is now a $50+ billion company." In 2003, income was $5 billion annually and in the last 5 years sales of Macs have risen from just over 1 million quarterly to the current 3 million plus. Jobs added, "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." At the Conference call, Oppenheimer declined to comment on the new product, saying he did not want to spoil the surprise.



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