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Record revenue AND earnings for Apple Q1 2011

Sometimes, all too rarely, when you combine brilliant design, high quality products, and excellent customer service, you are rewarded for it in sales. Nevertheless, it is inspiring and gratifying to those of us who actually BELIEVE in such things, when it happens! :-)

(Note added January 23, 2011: I WOULD like to see Apple invest more of its cash in hiring American workers in the U.S., however.)

Apple reported ALL-TIME RECORD revenue of $26.74 billion and profits of $6 billion (or $6.34 per share) today for its 2011 Q1. Revenue increased 71% from a year ago and earnings were up 78%. Analysts (what do THEY know? :-) ) were expecting revenues of $24.38 billion and earnings per share of $5.38.

Gross margins dipped ever-so-slightly from 40.9% to 38.5%, as Apple forecast during the LAST earnings call.

Although Steve Jobs is taking another, indefinite leave-of-absence, the Apple press release today included the following quote from Jobs:

“We had a phenomenal holiday quarter with record Mac, iPhone, and iPad sales,” Jobs said. “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.”

Apple’s shares, which opened down more than $20 this morning on news of Steve’s leave-of-absence, ended UP almost 2% to $342.07 in after-hours trading.

Nice TIMING, Apple folks! :-)

According to CNET:

“Apple said it sold 4.13 million Macs during the quarter, 23 percent more than the holiday quarter a year ago; 16.24 million iPhones, 86 percent better than a year ago; 19.45 million iPods during the quarter, down 7 percent from a year ago; and 7.33 million iPads.”

IDC says that iPads have secured 87% of the tablet market, and that’s WITHOUT a camera, yet! (Maybe some of the more slow-witted members of my generation and the previous one are gradually dying off. :-) )

Apple continued to bank cash, adding $9.8 billion and bringing its bank balance to $60 billion.

Sales of iPhones MORE THAN DOUBLED from last year (and THAT’S on AT&T! 😉 ). Apple’s revenues from iPhones and accessories alone were $10.47 billion.

CFO Peter Oppenheimer said Apple made $4.61 billion in revenue alone from the sale of iPad and iPad accessories.

Apple retail stores had a record quarter during the holiday shopping season with revenues of $3.9 billion.

-Bill at

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