LIVE: APPLE CRUSHES EARNINGS (AAPL)

Tim Cook

Apple just delivered an earnings report for the ages.

It simply demolished expectations thanks to fantastic iPhone sales.

Apple sold 74.4 million iPhones, up 46% compared to the year prior, its biggest ever quarter by 23.4 million units. Analysts were only expecting 65 million units sold.

This growth is truly phenomenal. At this time last year, the iPhone business was 6.7%. People believed that the iPhone business was set to be in single digit growth for a long time to come.

Clearly, there is still plenty of life left in the iPhone business.

The strength of the iPhone business led to Apple delivering $74.6 billion in revenue, up 30% year-over-year, soundly beating expectations of $67.5 billion in revenue. 

Apple's net income for the quarter was $18 billion, up 37% year-over-year. It is also the most ever earned by a company in history, according to this Wikipedia entry.

The stock is up 5% after market. 

If there's anything negative in this report, it's the iPad, which missed expectations. Apple sold 21.5 million units, which is down 17%. It looks like the larger screen iPhones are eating into the iPad business. 

The numbers that matter:

  • Revenue: $74.6 billion, up 30% versus $67.5 billion expected.
  • Earnings Per Share: $3.06 versus $2.60 expected.
  • iPhone units: 74.4 million, up 46% versus 65 million expected.
  • iPhone revenue: $51.2 billion
  • iPhone average selling price (ASP): $687 versus $668 expected.
  • iPad units: 21.4 million, down 17% versus 22 million expected.
  • iPad revenue: $9 billion
  • iPad ASP: $419 versus $436 expected
  • Mac units: 5.52 million, up 14% versus 5.5 million units expected.
  • Mac revenue: $6.9 billion
  • Apple's cash: $178 billion
  • Gross Margin: 39.9% versus 38.5% expected.
  • March quarter revenue guidance: $52-$55 billion versus $53.70 billion expected.

Here's a full table from Apple with each business unit:

Apple Q1 table

CHARTS

iPhone SalesiPad Sales

iPhone iPad ASP

See Also:

SEE ALSO: Here's Everything Apple Will Announce This Year

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