Post by jgaffney on Jan 19, 2011 13:52:21 GMT -5
This is from the LA Times:
A day after Jobs stunned investors and employees alike by announcing he was taking medical leave for the third time in seven years, Apple Inc. crushed analysts' estimates with record first-quarter revenue and earnings.
The company's stock rallied on the report, buoyed by impressive sales of iPhones, iPads and a pipeline of consumer gadgets. Shares fell a less-than-anticipated 2.2% to $340.65 in regular trading and regained ground in extended trading to $344.70, after it announced financial results.
In a conference call with analysts, Chief Operating Officer Tim Cook, who is filling in for Jobs during his medical leave, said, "In my view, Apple is doing its best work ever. We feel very, very confident about the future of the company."
Apple's first-quarter profit surged 78% to $6 billion, or $6.43 a share as sales soared 71% to a record $26.74 billion, the Cupertino, Calif., company said.
All of Apple's key products exceeded sales expectations. The company sold 16.2 million iPhones in the quarter, up 86% from a year earlier. It also sold 7.33 million iPads, which went on sale last April. Macintosh computer sales jumped 23% to 4.1 million units.
Bolstered by the strong results, Apple said it would exceed analysts' projections for the second fiscal quarter, with earnings of $4.90 a share on revenue of $22 billion, compared with Wall Street estimates of $4.47 a share on $20.8 billion in sales. The rosy forecast was unusual because Apple likes to issue conservative forecasts.
WaitaWaitaWaita minnite! What did that article say? First quarter profits of $6 billion? That would imply annual profits of $24 billion. Where's the outrage from the progressives? The progressives who were so quick to condemn Exxon for its $54 billion profits, even though Exxon is a vastly larger company than Apple, are strangely silent on this new example of corporate greed. Maybe the progressives should put down their iPhones and iPads for a minute and look up.
A day after Jobs stunned investors and employees alike by announcing he was taking medical leave for the third time in seven years, Apple Inc. crushed analysts' estimates with record first-quarter revenue and earnings.
The company's stock rallied on the report, buoyed by impressive sales of iPhones, iPads and a pipeline of consumer gadgets. Shares fell a less-than-anticipated 2.2% to $340.65 in regular trading and regained ground in extended trading to $344.70, after it announced financial results.
In a conference call with analysts, Chief Operating Officer Tim Cook, who is filling in for Jobs during his medical leave, said, "In my view, Apple is doing its best work ever. We feel very, very confident about the future of the company."
Apple's first-quarter profit surged 78% to $6 billion, or $6.43 a share as sales soared 71% to a record $26.74 billion, the Cupertino, Calif., company said.
All of Apple's key products exceeded sales expectations. The company sold 16.2 million iPhones in the quarter, up 86% from a year earlier. It also sold 7.33 million iPads, which went on sale last April. Macintosh computer sales jumped 23% to 4.1 million units.
Bolstered by the strong results, Apple said it would exceed analysts' projections for the second fiscal quarter, with earnings of $4.90 a share on revenue of $22 billion, compared with Wall Street estimates of $4.47 a share on $20.8 billion in sales. The rosy forecast was unusual because Apple likes to issue conservative forecasts.
WaitaWaitaWaita minnite! What did that article say? First quarter profits of $6 billion? That would imply annual profits of $24 billion. Where's the outrage from the progressives? The progressives who were so quick to condemn Exxon for its $54 billion profits, even though Exxon is a vastly larger company than Apple, are strangely silent on this new example of corporate greed. Maybe the progressives should put down their iPhones and iPads for a minute and look up.
