updated 04:45 pm EST, Tue January 18, 2011
iPhones, iPads drive income
Apple today posted the results of its first fiscal quarter for 2011, which ended in late December. The company pulled in $26.74 billion in revenue, rising more than 70 percent year-over-year, with a record net income of $6 billion or $6.43 per share, up from $3.38 billion or $3.67 per share. Gross margin slipped from 40.9 percent to 38.5 percent.
The 2011 revenue was based in large part on strong iPhone sales, grown 86 percent year-over-year to 16.24 million. Mac sales rose 23 percent to 4.13 million, while the company's first holiday-season iPad sales amounted to 7.33 million. iPods continued their long-term decline, falling 7 percent to 19.45 million.
Apple CFO Peter Oppenheimer notes that the company generated $9.8 billion in cash. "Looking ahead to the second fiscal quarter of 2011," he writes in a prepared statement, "we expect revenue of about $22 billion and we expect diluted earnings per share of about $4.90." CEO Steve Jobs is quoted as saying that the company had "record Mac, iPhone and iPad sales," and was "firing on all cylinders."