Apple Reports Big Increase In Quarterly Profit

Apple announced the spectacular results of its fiscal 2010 third quarter

, ending June 26, 2010. It was the best-performing quarter ever. If numbers tell all stories, then Apples narrative has a distinctly happy ending.

$15.7 billion (10.2bn) is a gargantuan number. That's how much people spent on Apple products during the 2010 third quarter. Apple pocketed $3.25 billion (2.1bn) in profit. Shareholders, after tossing confetti in the air, received their own share of the goods: $3.51 per diluted share. These numbers tower over their 2009 third-quarter counterparts. 2009 claimed $1.83 billion in profit out of $9.73 billion in revenue, which equals $2.01 per diluted share. What did Steve Jobs, the CEO, poster-child and innovative brain behind Apple, have to say? It was a phenomenal quarter that exceeded our expectations all around, including the most successful product launch in Apples history with iPhone 4.

Apple vastly exceeded Wall Streets predictions. Analysts expected between $13.82 billion and $15.74 billion in revenue, and per share earnings ranging between $2.65 and $3.74.

Apple even beat out its own understated forecasts. It had conservatively estimated third-quarter 2010 revenues between $13 billion and $13.44 billion, with per share earnings between $2.28 and $2.39. Lucky for them, and their investors, Apple was wrong.

What is responsible for Apples stellar success? I is. The iPad, iPhone and iPod bestowed billions of dollars upon Apples coffers. Apple sold 3.27 million iPads during the third-quarter, the iPad's debut quarter. 8.4 million iPhones were parcelled out, a 61% increase over the previous year, yet iPod sales were down 8% to 9.41 million. COO Tim Cook happily states, We are selling both the [iPhone 4 and iPad] as fast as we can make them.

Apple also sold 3.47 million Macs, a 33% increase. Jobs notes, More people are buying Macs than ever before and we have amazing new products still to come this year. In regards to ballooning Mac sales, Cook simply states, Thats a jaw-dropper for us.

Apple owned much of its sensational sales statistics to Mac-lovers in Asian regions. International revenues accounted for 52% of the quarters income, and Mac sales grew 73% in the Asia-Pacific region, 144% in China, and nearly 100% in Hong Kong.

Apples success leads to some cautiously optimistic fourth-quarter predictions. Peter Oppenheimer, Apples Chief Financial Officer, says, We expect revenue of about $18 billion and we expect diluted earnings per share of about $3.44.

How does Oppenheimer feel about all this ballooning profit? We are really pleased to have generated over $4 billion in cash.

Oppenheimer may not be particularly original, but as far as Apple shareholders are concerned, that is alright. $15 billion, anyone?

by: Tommy Barrowdale

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