Apple 2.0

Covering the business that Steve Jobs built

Steve Jobs: We "firing on all cylinders" says Jobs

January 18, 2011: 5:01 PM ET

Profits up 78%, revenues 71%. 16.2 million iPhones, 7.4 million iPads crushed expectations

Source: Google Finance

Steve Jobs' health problems were all but forgotten as Apple (AAPL) reported all-time record earnings Tuesday afternoon. The stock, which lost $7.83 during the day, quickly jumped more than $11 in after hours trading.

Sales for nearly every Apple product blew past analysts' expectations, but sales of iPads and iPhones were particularly strong.

"We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales," said Steve Jobs in a prepared statement. "We are firing on all cylinders and we've got some exciting things in the pipeline for this year including iPhone 4 on Verizon which customers can't wait to get their hands on."

The numbers:

  • Sales: $26.74 billion, up 70.5% year over year
  • Profits: $6 billion, up 77.7%
  • EPS: $6.43, up 75.2%
  • iPhone: 16.24 million units, up 85.8%
  • iPad: 7.33 million units, compared with Wall St. consensus of 6.15 million
  • Mac: 4.13 million units, up 23%
  • iPod: 19.45 million units, down 7.3%
  • iPod touch: more than 50% of total iPod sales
  • Gross margin: 38.5%, compared with guidance of 36%
  • Revenue guidance for Q2: $22 billion
  • EPS guidance for Q2: $4.90
  • Gross margin guidance: 38.5%
  • Apple stores: $12 million average revenue per store, up 69% from Q4
  • Cash and marketable securities: $59.7 billion, up from $51 billion in Q4.

"Net-Net: Apple pulls off a Holiday Hat Trick," wrote RBC Capital's Mike Abramsky in a quick note to clients. "Large iPad beat, with iPhones and Macs meeting high expectations. Margins very strong."

Apple's press release is available here. A transcript of the earnings call is available here.

[Follow Philip Elmer-DeWitt on Twitter @philiped]

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About This Author
Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for Fortune.com.

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