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Apple Blows Away Top And Bottom Line
The suspense can now end
- Revenues of $46.33 billion, expected at $38.99 billion
- EPS of $13.87, expected at $10.14
- APPLE SEES 2Q REV. ABOUT $32.5B, EST. $31.87B
- APPLE SEES 2Q EPS ABOUT $8.50, EST. $7.96
- APPLE 1Q IPAD UNITS SOLD 15.43MLN , UP 111%
- APPLE 1Q GROSS MARGIN 44.7%, EST. 40.8%
- APPLE SOLD 5.2 MILLION MACS DURING QTR, EST. 5.1M
- APPLE SOLD 15.4 MILLION IPODS IN QTR, EST. 13.9M
- APPLE SOLD 37.04 MILLION IPHONES IN THE QUARTER, REPRESENTING 128 PERCENT UNIT GROWTH
- APPLE GENERATES $17.5 BILLION IN CASH FLOW IN THE QUARTER
From the release:
Apple® today announced financial results for its fiscal 2012 first quarter which spanned 14 weeks and ended December 31, 2011. The Company posted record quarterly revenue of $46.33 billion and record quarterly net profit of $13.06 billion, or $13.87 per diluted share. These results compare to revenue of $26.74 billion and net quarterly profit of $6 billion, or $6.43 per diluted share, in the year-ago quarter. Gross margin was 44.7 percent compared to 38.5 percent in the year-ago quarter. International sales accounted for 58 percent of the quarter’s revenue.
The Company sold 37.04 million iPhones in the quarter, representing 128 percent unit growth over the year-ago quarter. Apple sold 15.43 million iPads during the quarter, a 111 percent unit increase over the year-ago quarter. The Company sold 5.2 million Macs during the quarter, a 26 percent unit increase over the year-ago quarter. Apple sold 15.4 million iPods, a 21 percent unit decline from the year-ago quarter.
“We’re thrilled with our outstanding results and record-breaking sales of iPhones, iPads and Macs,” said Tim Cook, Apple’s CEO. “Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline.”
“We are very happy to have generated over $17.5 billion in cash flow from operations during the December quarter,” said Peter Oppenheimer, Apple’s CFO.
“Looking ahead to the second fiscal quarter of 2012, which will span 13 weeks, we expect revenue of about $32.5 billion and we expect diluted earnings per share of about $8.50.”
Apple will provide live streaming of its Q1 2012 financial results conference call beginning at 2:00 p.m. PST on January 24, 2012 at www.apple.com/quicktime/qtv/earningsq112. This webcast will also be available for replay for approximately two weeks thereafter.
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That's a blow out! Steve is proud.
They're jumping off buildings at Foxconn to celebrate the good news!
Be nice. That's just how they negotiate pricing in their culture. It is unlikely that management/ownership was actually going to have them jump.
Besides, we can no longer make that kind of quality high tech product in the USA, plus we owe them money...bunches of it, so please don't say anything to piss off the chi.coms...or the Saudis, Nigerians, Mexicans, Russians...and especially don't piss off the Canadians.
Reggie!!!!!!!!!!!!!!!!!!
Reggie keeps trying to pretend that "Android" is Apple's primary competitor -- forgetting that Apple is a hardware manufacturer with a massive media sales-channel and Android is a security-challenged, free operating system, which barely makes any revenue. Apples and Oranges, Reggie.
... Reggie is on the spot. Lemmings effect, nothing more...
SAS Controller for Mac, anywhere ? :-P
Quality
idiot- HP. Dell, etc use foxconn also ALL PCs are made in China DWI-Deal with it instead of whining
just posted this under the "eur/usd rally failed to inspire"
"apple's earning plus the momentum is going to bring the volume back tomorrow and finally break "bears" spine. LTRO is already working - it is up to the losers to believe or not to believe it :-) "
wake up people!!!
Wow! Good thing I'm short this market. Time to start drinking heavily..
Reggie Middleton is wondering what went wrong.
Love ya Reggie but I couldn't resist.
No big deal, it's priced in.
Yeah, priced in at +8% in after market trading.
I tried and tried and tried to convince Reggie that he didn't know what he was talking about, I like him, wanted him to save face and not embarrass himself all over the world. You can lead a horse to water but you can't make him drink. Oh well, I thought I was late to the game being DCA'd in at $220. I wasn't.
Touchdown dance! Touchdown dance!!
Reggie should avoid any analysis of Apple because he can't be objective or impartial while being a Windows fanboy from the 80's.
Holy Shit! Dow 36,000!!! The peeps are spending!!!
or, I didn't know food stamps could be used for iThings
print the money. Hand it out to criminal bankers. Ramp the living daylights out of the stock market... yeah, DOW 36,000... good lucking passing off $10/gallon at the pump and $1,000 grocery bills to the people.
sorry blythe, i love ya but hyperinflation aint happening..............
didn't say it would. I view Hyper-Deflation and Hyper-Inflation as essentially the same thing as either scenario means society would fall apart and the rule of law suspended, in that environment no one really knows how things would play out in terms of our monetary system. Without the rule of law the enforcement of contracts isn't guaranteed so it's hard to predict whether or not the dollar would survive. I am just warning the DOW 36,000 crowd not to count on the currency being worth much under that scenario.
hyperinflation can happen with a breakdown in the physical economy. with america more dependent on foreign goods, oil and components than ever, and a whole host of conflicts brewing around the world, this is entirely plausible.
http://azizonomics.com/2011/08/15/why-qe-didnt-cause-hyperinflation-2/
So, my going long in bicycles is a good thing?
Hmm, tells you what Apple's DONE, not what it's going to do.
DavidC
Yes, that's why they're called results, not projections.
My point precisely.
DavidC
The key here is the people. Can they keep them now that Jobs is gone. Cook is valuable but Jony Ive and his crew are where the products will come from. Now that they have a huge revenue number they have to keep on the cutting edge or the growth curve will collapse on them. In tech you can either inovate or die.
Or market.
AAPL ===>> $450 and above in a few minutes.
FUCK YES!!!!!!!!!!!!!!!!!!!!!!!!!
Apple back to being world's biggest company... wow.
insane.
watch it open at $450 @ 4:50.
I wouldn't be surprised to see it hit 475 or more. Wow.
You had to see this coming though... everyone knows people don't buy anything besides Apple products.
Next quarter will probably crush this one too. Peeps gettin' tax returns.
IRiskOn
Mkt cap above XOM tomorrow....
They could buy Europe
That is an excellent suggestion.
Instead of the IMF going hat in hand to Brazil, China, etc, they should just go begging to Tim Cook to increase their "firepower"
They could by Congress and the POTUS.
Long live the Mac.... solid numbers.
Well, There it is. It must be that Mac pro i just bought. Expensive fucker. Over 6 large.
Expensive, yes. But it's one hell of a machine.
Its an imaculate beast. I cried when i opened the side cover. A total marvel of human endeavour. To quote Salieri when he looked at Mozarts music on paper, " I was staring at an absolute beauty".
You'll get much use from it. I've been using Mac for a long time. Simply great machines. In more than 10 years of use, I've never once had to call tech support. It's been flawless. And I work it to death...but it just keeps on chugging. Worth every dime.
Its a beautiful thing. A toast. May you you enjoy it for many more years.
I owned Macs from the about LC520 era to about 3 years ago when my 4 year old iMac died. They were all fine except for the last one and a Lombard laptop from around the turn of the century. They were just fucking computers. Will never own another one. Now I just swap bad parts out of my white box machines and run Linux. I also rescue old bicycles from thrift shops.
the touch screen on my ipad isnt responding. any suggestions spas?
Hit it with a hammer.
No, don't do that Kito, I was kidding.
wow.
and the /ES is popping higher on this news also because...just because... (although AAPL trading down all day didn't seem to affect the /ES...but now)
comment on suspence and sentence structure removed as it is irrelevant.
If Ben gives us QE3 tomorrow, SPX to 1400 by next week.
Bullish for DELL!
Is there sn app for too much debt and systemic risk?
(typed this on my already antiquated 3G I-phone)
so much for rosenbergs insistence there is a Depression going on.........
What wisdom! Way to go business pro...way to go!
Way to go ultimate trader, way to go!!!
ANY company can be profitable when using slave labor.
The Bridge on the River Kwai's EPS is up 23% this quarter!
If only Americans could be happy in their work.
What about a country that sends its youth to perish in the military for 100% bullshit wars and fraud prosperity?
Last I checked the wrongful deaths from Desert Fuckups Inc. passed any sort of Communist factory by an order of magnitude.
Perhaps you should check who is REALLY paying your economic bills.
What corporation that does business in China doesn't use slave labor? Every product you buy these days is made by slaves.
@kito
Did people stop going to the movies during the Great Depression? Were theaters empty for "Gone With the Wind" or "The Wizard of Oz?"
They were for Wizard of Oz.
shirley youre not comparing a visit to the movies with a $400+ i_______???????
i am not robo. i have mocked him for claiming the consumer "is stronger than ever". but certainly we are NOT in a depression. the stock market keeps the 401kers/ira-ers/public pensioneers feeling wealthy, something the average person didnt have during the 1930s. the poor have the govt taking care of housing, food, stipends, etc--again, something that wasnt available in the 1930s. soo puhhlease----when the market tanks and the govt takes away the cheese, then we can talk Depression.
Where is the government getting the cheese?
and when is the market tanking?
@kito
You mistake consumption and debt for wealth. Greenspan's credit bubble is deflating. I suggest you make the best use of the unwind time.
@cursive you mistake depression for govt fed happiness............
Rosenberg is a pancake-eating monster rolled out to sucker shorts into their shorts. Welcome to the bear graveyard David.
Just stunning/clueless. Rosie was long duration when ZH laughed at him and he got PM's right as well. Maybe someday you'll understand how much money those calls made anyone who listened. Then again, probably not. Enjoy poverty.
How long ago were those Rosie calls? How many buttery goopy pancakes has he eaten since then?
That makes a lot of sense. Thanks for sharing.
Well, not for everbody. Come to my house for dinner some night and we'll have beans and rice and talk about it.
Must be feeding the masses with iPads.
This good news, so I guess this means that the market will sell off then.
InverseCNBC working out quite well -- Cramerrr (Seinfeld voice)
ES through the roof tomorrow..VIX 17..
Where is our pal Reggie Googleton.
Wow, I got here before robo and I am at work... He will jump up and down on this, everything is fixed go back to sleep theres a good little sheep..
I know Maria Bartiromo just climaxed on the air...oh wowo woow wowo wow let the good times roll again a company making luxury tech devices for people who can barely afford their rent just made a killing...
on a side note this steve liesman show I am the Fed is insulting...I want to punch him square in face
Man I wished I saw/heard that. Damn kids and their video games...
Jeff Immelt? YOU'RE FIRED. I mean Steve Jobs walks right into the White House...tells our current President "Phuck your job problem"...dies a horrible death mere months later...and "the rest they say is history."
Thank God for offshoring everything--production and untaxed revenue in particular--except its name as an "American" Corporate Icon.
I'd like to see a bullet burried in that pretty little apple-cute head.
But that's just me.
I've been told I lack consumer bedazzlement.
geez, all that cash ... should have gone to commodore :)
Holly crap - amazing - really !
Granville just got Lavorgna'd
Where Reggie?
AAPL is shoveling Reggie into his plot in the bear graveyard, alongside Rosenberg, Janjuah, Morgan Stanley, Joe Granville, Soros, etc.
It's true. Those guys will be pulling a Bill Gross next week and changing their calls. The funny thing is Gross is now stuffed with treasuries and will eat another shit sandwich when the ten year is 2.75.
In all fairness to Reggie, throughout the past few years, only ONE time he's said to short AAPL (and that's through his pay service) - and that was when recently where AAPL didn't meet the street. Folks still forget what he says for free differs from what his pay analysis consists of.
Obviously, Reggie is not a AAPL fan - but if you're going to make fun of him, at least be accurate in regards to how many times he said to short AAPL. He provided evidence on why he thought AAPL was not a good buy in the long run, but unfortunately for him, the quarterly numbers for the most part have obviously made him look bad.
Bottom line: No one is correct all the time - but I'll take his analysis over 99% of the stuff I read any day of the week. It's not like he pulls a Robotard and pulls only after-the-fact data.
Besides - I have no vested interest in AAPL other than the fact I do own an iPod Touch and Nano - but if analysts really were even remotely accurate about AAPL's earning the past 14 or so quarters, do you really think AAPL would be at 450 by now? AAPL has a history of sandbagging their earnings every quarter - so why is it such a surprise they made so much money? We all know they'd make their billions, but constantly being "amazed" about 14 quarters in a row? Cmon - Estimates of 10.13/share vs actual 13.87/share? Can the analysts be any more dense with their earning estimates?
On that note, every publicly traded company should just set their profit outlook to $1, and when earnings come out, they look AMAZED and ASTONISHED for making so much money the past quarter over "estimated" earnings. I'm sure their respective stock prices will be at 450 ASAP.
How much of a tax rebate will that qtr result generate apple then?
now if everybody threw their food stamps up in the air at once it would be like a big confetti party.
too bad apple can't build an ieconomy
And you can eat apples!
anyone wanna bet Obama starts touting APPLE in the state of the union tonight??
Damn right he will. Hopey will take credit for the results, but never mention the slave labor that makes the products, nor their suicidal tendencies.
"The Fonz...befo..."
Since you brought up "Obama", have you noticed, how the markets, take a "nose dive", the day after his speech?...
"BEARISH"! I AM
No need for QE3 now all is fine...
Seriously what's the point of having $100bn in cash ? Time for dividend IMHO !
100 billion in cash and no Debt means never having to ask for a bailout.
this is why nasdaqs' been up all week! frontrun the inside info, sell it to the pleebs tomorrow!
Other techs down in AH: altr,yhoo,amd
and aapl only up 8%
Where's Reggie Middleton now?
Methinks he blew it, always touting GOOG and dissing AAPL.
Cry uncle on AAPL, Reggie- perhaps you should stick to analyzing financial companies, countries and the like. You seem to be pretty darn good in that sphere.
I guess Reggie got blowtorched AND monkey hammered.
Carted out feet first, no doubt.
Now to go get me a RIMMjob.
REGGIE, REGGIE, REGGIE!!!!!! Where is Reggie Middleton crowing about how great it has been to be short Apple and the companies margins were going to hell in a hand basket yada yada yada. I mean you get all public and crow when Apple only tramples it's earnings and the stock goes down a slight bit but lets see you come out with your chars and commentary and start eating that crow.
Does Reggie really know how to do his homework? Guess not. Too much fame and CNBC bright lights clouds the mind.
While he's been wrong about AAPL, and I've given him shit about it, I wouldn't rag on him too much. He's sharp as hell and he's right more often than he's wrong. Reggie is a good guy...despite his Apple thing.
Yum....iPads.
Best with Tabasco IMHO.
I bought 2 Playbooks.
Hey, this story just reminded me: I'm typing this message on a Radio Shack TRS-80 (1984 vintage). I'm looking to upgrade (can't seem to get a replacement Chiclet keyboard: anyone know where I can get hold of a old MAC 1 - must have had no more than 5 previous owners / floppy-drive a must (pssttt.... I just DISKovered a stack of slightly used 512K double-density diskettes under the bed!)
tia.
Ramp jobs for all will be had.
Where is inverse-Middleton to bullshit about margin compression and increased competition?
*crickets*
...no where to be found...
Short AAPL and long GOOG? Double penetration from the "analysts." Even Joe 6er could see this coming, but the best and brightest blowhards can't conjure anything but wreckless drivel.
Just last week I put the Middleton year on a silver platter without bullshit and lies:
http://www.zerohedge.com/contributed/few-quick-comments-goldmans-q4-2011...
Booked the year in 24 days - not bad but not a record.
Middleton credibility is that of a gypsy car salesman.
REGGIE REGGIE REGGIE
Heh heh. That self-blow job he gave after 4Q was hilarious.
May as well jump on the bandwagon:
O Reginald, Reginald! Wherefore art thou Reginald?
Methinks, sirrah, thou mighest be plighting thy troth to a fair maiden that ye didst encounter on a Reggie Booze Cruise..
AAPL will need to ship a whole lot more to make up for the continued losses on BDIY ...
Don't get me wrong. I like AAPL. Like the story, the product and the support. However, it is an anomaly in this economy. They make good stuff. Good stuff always sells.
Now, can we please find out where AAPL has been selling their product mostly? And how does the success of AAPL fare against the losses at their competitors? Mainly RIM which is on its death bed.
AAPL is neither reflective of this earnings season, nor is it reflective of the general economy. But let's all cheer for a day!
Go AAPL!
If you compare today's Blackberry to 7 yrs ago, it's essentially the same shitty product, with a color screen. Of course, it wasn't shitty 7 yrs ago. It got shitty cause everything else got better.
It's actually still a pretty good product. The keyboard still rocks. But I get what you're saying. And the Iphone x will be equally boring in 2017. Will be interesting to see how AAPL divests itself with all that cash they're supposedly hoarding.
After the ramp tomorrow SELL, SELL, SELL.
This is the peak post Steve Jobs.
Is it possible they keep innovating and going higher? Maybe.
Is it likely that they can with Jobs gone? I wouldn't bet on it.
Great news for all the Chinese workers.
These results make me bullish on my own company. We are an iOS shop and almost exclusively write iPhone software.
We decided this path after technically analyzing the major players in 2009. Was a big gamble but now we see Crazy huge demand for apps. My partner and I are meeting with investors and they tend to gush over you when you show them apps you have developed. Problem is we don't want to be diluted out of ownership so we are trying to navigate through this delicate stage. In fact the reason I found Zerohedge was because of Reggie Middleton articles on his technical research (which I don't agree with). My company has a fewvFortune 100 companies hiring our consulting business (me :-)) and all they want are iOS apps...period. There are numerous reasons Android and Windows Phone will not win...the biggest being is app developers have a hard time making money there.. coming from someone that knows...an app developer.
We are 4 to 6 months of releasing our first major game title. Hopefully this momentum continues with Apple so we can ride the wave.
On the flip side...various Corporate enterprise Projects in our pipeline have come to a screaming halt....huge pricing pressure, frozen budgets, confusion, etc... So there is huge "demand/desire" for apps but no money or our clients don't seem to have coherent mobility strategies and so they throw money at cheap gimmicks (meaning I wonder at the sustainability of our work pipeline...daily)
So while clients demand apps for iOS almost exclusively they don't want to pay much more than Bangledesh prices, don't have coherent plans, and budgets at risk seemingly ready to evaporate on the next bit of bad news.
Stack Trace
Joking yesterday on ZH I thought of an app:
"RIM is on it's way back to green! Just wait until they come out with the T9 rotary dial txting app!
(Oh hell, I should copyright that idea right here, my idea, mine, app that lets you rotary dial a number using the touchscreen on your smart phone and picture of an old rotary dial phone)."
It might be a gimmick, but it might be fun too, complete with sound effects.
"Shhuu-cuuk...tack-tack-tack-tack" (that was a 4 being dialed).
Run with it, just send me some Gold Austrian Philharmonics or something.
<<Update>> Already been made, dangit.<<<Update>>>
http://www.youtube.com/watch?v=YBLZHZAzWYY
Who's to say AAPL isn't making their numbers up, to the benefit of insiders before it all comes crashing down. Just a thought, they wouldn't be the first...
It's probably people stocking up on iCrap so that they have something to eat when the economy crashes.
APPLE SUCKS!
I think Cook has an agenda to annonce such as blow out earnings. We will see a short run to 500 and they will start paying a divi
The legacy of yet another great imperfect businessman.
http://www.youtube.com/watch?v=lEyrivrjAuU
Apple - a One-Trick Pony!
Don't believe me? Just wait 'til Steve Jobs ain't around anymore.
I think what this demonstrates is that the 20% are doing just fine.
AAPL is virtually a toy store. SPY has topped here, AAPL to follow anon.
Fed Gov should topple this giant. 200% import tarrif. Factories would open in US. Profit margin would be reduced but still exist.
I agree. The last thing we want is a successful enterprise. Best to shut it down. Let's go with the 200% tariff on all Honda and Toyota products as well. And no more German cars either. Factories would open in the US.
The United States needs savings, investment and production. Nothing about higher Apple profits helps achieve this.
Apple is part of the ponzi, not the solution. If these profits were even tripled, we would only be worse off for it:
More fractional created debt spread out to more sheeple, more printed up fiat flowing into the hands of the global elite, and all without a single US job created in the process.
Apple profits are an artifact of our dispair, the more they make, the worse the ponzi gets - hard for some to fathom, but true.
This is a country that once built railroads and interstate highways and cars and airplanes. It's a country that fought off two fascist military powers across the world. It's a country that went to the fucking moon. And all of this on a gold monetary standard.
And now we celebrate - toys. Nice, shiny, fancy toys, but toys nonetheless. Toys designed by a few yuppies in California and actually made by slave girls in China.
And we struggle against a bunch of sheep herders in the desert.
Not saying it's good or bad, people. In fact, I respect Apple. But the decline is palpable.
"Fought off" sounds like "defended against the invasions of" so can you remind me which "two fascist military powers" invaded "this country?"
and as far as
"we struggle against a bunch of sheep herders in the desert"
who the Hell is "we?" You may be killing a bunch of herders in the desert, God knows why, but I certainly have no struggle, problem, distaste or any unkind feelings of any nature for those who herd sheep in the desert. Please stop killing them TIA.
And as far as going to the moon, can I have my money back for that stupid boondoggle?
Perhaps you can eat iPad... yeah who needs a savings/retirement account balance when you could have (more, overpriced) plastic junk?
It is not hyperbole to state that the time preference of the average adult consumer is identical to that of a 5 year old choosing between a savings bond and a supersoaker.
One of the best ways to fake sales is to own your own retail channel to sell to. Apple has been faking sales for years. Not that they don't sell a ton of product, just nowhere near what they claim. How many of those "sold" iDevices do you think sit unsold in the warehouses of Best Buy, Walmart, etc. Channel stuffing isn't just for GM. Nike is famous for making retailers take 100 units of product they don't want just to sell the 10 they want. Those mini Apple stores in Best Buy are there for a reason, you want to sell Apple well then you need to take 10X what you think you'll sell for the privilage of carrying the brand. Retailers hate Apple because they make no margin and are more or less forced to carry iCrap. Target creating mini Apple stores is about one thing, channel stuffing to pump Apple stock. Apple's reported sales are beginning to look like the reported Vietnam war bombing death toll. Where we counted enough deaths to kill the population 5X over but the bombs never really hit any targets. Pretty soon Apple will have sold an iPhone to every American 6X over even if they never bought one. Believe it, don't believe it. I don't give a shit because I know I'm right because I've seen the retail BS con game over and over time after time. Every earnings report is a total sham
If , and I am suggesting if. I am buying all my debt back. Cost of money and all.