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Apple Reports Record Results – 47.8 Million iPhones Sold; 22.9 Million iPads Sold; Stock Price Tumbles

Apple on Wednesday announced financial results for its 13-week fiscal 2013 first quarter ended December 29, 2012. The Company posted record quarterly revenue of $54.5 billion and record quarterly net profit of $13.1 billion, or $13.81 per diluted share. These results compare to revenue of $46.3 billion and net profit of $13.1 billion, or $13.87 per diluted share, in the 14-week year-ago quarter. Gross margin was 38.6 percent compared to 44.7 percent in the year-ago quarter. International sales accounted for 61 percent of the quarters revenue.

Average weekly revenue was $4.2 billion in the quarter compared to $3.3 billion in the year-ago quarter.

The Company sold a record 47.8 million iPhones in the quarter, compared to 37 million in the year-ago quarter. Apple also sold a record 22.9 million iPads during the quarter, compared to 15.4 million in the year-ago quarter. The Company sold 4.1 million Macs, compared to 5.2 million in the year-ago quarter. Apple sold 12.7 million iPods in the quarter, compared to 15.4 million in the year-ago quarter.

Apple’s Board of Directors has declared a cash dividend of $2.65 per share of the Company’s common stock. The dividend is payable on February 14, 2013, to shareholders of record as of the close of business on February 11, 2013.

“We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter,” said Tim Cook, Apple’s CEO. “We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world.”

“We’re pleased to have generated over $23 billion in cash flow from operations during the quarter,” said Peter Oppenheimer, Apples CFO. “We established new all-time quarterly records for iPhone and iPad sales, significantly broadened our ecosystem, and generated Apples highest quarterly revenue ever.”

Apple is providing the following guidance for its fiscal 2013 second quarter:

• revenue between $41 billion and $43 billion
• gross margin between 37.5 percent and 38.5 percent
• operating expenses between $3.8 billion and $3.9 billion
• other income/(expense) of $350 million
• tax rate of 26%

Apple will provide live streaming of its Q1 2013 financial results conference call beginning at 2:00 p.m. PST on January 23, 2013 at:
http://www.apple.com/quicktime/qtv/earningsq113

This webcast will also be available for replay for approximately two weeks.

Why Apple’s Earnings Fall Is Completely Unjustified

SeekingAlpha’s Bill Maurer notes that for its 3013 fiscal 1st quarterquarter, Apple missed slightly on revenues, but earnings per share came in above expectations, as did margins. Nevertheless Apple shares declined in after hours trading, which Maurer thinks might provide an opportunity for investors.

Analyzing the figures Apple reported, Maurer deduces that while iPhone and iPad sales were very healthy, Mac sales were extremely disappointing, which he attributes to both weakness in the overall PC market and well as some apparent supply constraints, with Apple apparently not able to entirely fulfil demand over the holiday season, and which he points to as the primary reason why Apple missed revenue expectations, and Apple Mac average selling price ticked up a bit. iPhone and iPad unit sales came in fine, although there may have been some iPhone supply issues as well.

As for the iPad, Maurer calculates that it returned about 59.5% growth over last year’s Apple Q1when you factor in that there was an extra week in this year’s quarter, although thanks to introduction of the iPad mini, average selling price dropped a bit, which was expected.

Then there’s Apple’s “other revenues”, which were extremely strong at more than $5.5 billion.

Consequently, Maurer thinks Apple’s latest share price fall is unjustified, backs his contention with several important facts, and says the stock stays where it it or goes lower in the next few days, he might even buy some himself.

Sorry, Apple-Haters, But Cupertinian Doom Not On The Horizon

The Register’s Rik Myslewski takes a closer look at Apple’s ‘disappointing’ fiscal Q1/13 numbers, in the context of Apple’s stock is taking a beating-down of around 10 percent from its $514.01 Wednesday close,, noting that quarterly revenue of $54.5bn, up 17.7 per cent from the $46.3bn earned in the same quarter last year; iPhone unit sales of 47.8 million, up 29.0 per cent from the 37.04 million sold during same quarter last year; iPad unit sales of 22.9 million, up 48.4 per cent from 15.43 million year-on-year; and cash reserves of $137.1bn, up 40.4 per cent from the $97.6bn it held in cash, short-term, and long-term securities at the same time last year, oblige even the most rock-ribbed Apple-hater to grudgingly agree with Apple CEO Tim Cook that those metrics are impressive, especially in light of this year’s Apple Q1 having only 13 weeks while last year’s Q1 had 14 weeks, and adjusted for which Apple managed a per-week revenue increase of 27.2 percentMay

For the full commentary visit here:
http://goo.gl/pVOvk

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