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Apple Releases Monster Earnings Report; Listen to Earnings Conference Call

| January 24, 2012
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NEW YORK (AP) — After uncharacteristically tepid sales in the July-to-September quarter, Apple came back with a vengeance in last three months of 2011, vastly exceeding analyst estimates and setting new records.

Apple Inc. on Tuesday said it sold 37 million iPhones in the quarter, double the figure of the previous quarter and more than twice as many as it sold in last year’s holiday quarter.

The result may make Apple the world’s largest maker of smartphones. Samsung Electronics, which held that position for most of last year, has said it expects to report shipping about 35 million smartphones in the October to December quarter.

October saw the launch of the iPhone 4S, and the addition of Sprint Nextel Corp. as an iPhone carrier in the U.S.

Apple said net income in the fiscal first quarter was $13.06 billion, or $13.87 per share. That was up 118 percent from $6 billion, or $6.43 per share, a year ago.

Analysts polled by FactSet were expecting earnings of $10.04 per share for the latest quarter, Apple’s fiscal first.

Revenue was $46.33 billion, up 73 percent from a year ago. Analysts were expecting $38.9 billion.

The Cupertino, Calif., company shipped 15.4 million iPads in the quarter, again more than doubling sales over the same quarter last year.

Apple shares rose $33.03, or 7.9 percent, to $453.53 in extended trading, after the release of the results.

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Category: Economy, Technology

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