Apple: $1 billion profit

Apple today posted record revenue of $7.1 billion and record net quarterly profit of $1.0 billion, or $1.14 per diluted share for its fiscal 2007 first quarter ended December 30, 2006. These results compare to revenue of $5.7 billion and net quarterly profit of $565 million, or $.65 per diluted share, in the year-ago quarter. Gross margin was 31.2 percent, up from 27.2 percent in the year-ago quarter, while international sales accounting for 42 percent of the quarter's revenue. Apple shipped 1,606,000 Macs and 21,066,000 iPods during the quarter, representing 28 percent growth in Macs and 50 percent growth in iPods over the year-ago quarter. "We are incredibly pleased to report record quarterly revenue of over $7 billion and record earnings of $1 billion," said Steve Jobs, Apple's CEO. "We've just kicked off what is going to be a very strong new product year for Apple by launching Apple TV and the revolutionary iPhone."

"We generated over $1.75 billion in cash during the quarter to end with $11.9 billion," said Peter Oppenheimer, Apple's CFO. "Looking ahead to the second fiscal quarter of 2007, we expect revenue of $4.8 to $4.9 billion and earnings per diluted share of $0.54 to $0.56."

by MacNN Staff