Apple earnings up 50 percent!
As another Silicon Valley pioneer “sinks slowly in the west” with its CEO reportedly ready to pull the rip cord of his golden parachute, Apple reported a first-quarter 2010 profit of $3.37 billion ($3.74 per share), up 50 percent from the same quarter a year ago!
Of course Wall Street estimates were blown away. For people who play with money all of the time, you would think that Wall Street folks would be better at math (well, maybe not after the financial crisis 
). Apple’s revenue for the quarter was $15.6 billion, up 32% from that of the year-ago quarter. Wall Street expected between $11.21 billion and $12.6 billion in revenue on earnings of $2.07 per share.
Part of the “blow-out” resulted from changes in accounting procedures that allow revenue from iPhone and Apple TV sales to be recognized the same quarter that the sales are made, rather than over a two-year periond, as had previously been the case.
The news was also good from Apple’s retail stores. The stores did their best business ever during October, November, and December of last year, with Macintosh sales doing especially well. The 283 Apple stores of the world sold 689,000 Macs, a record, and half of the sales were to first-time Mac customers.
Maybe people ARE getting smarter! After the time I spent in Silicon Valley, I’ve had my doubts, so it is good to hear some encouraging reports.
You can read about the record quarter in the CNN and CNET articles linked above. Meanwhile, all eyes are looking forward to the product event on Wednesday. Flurry Analytics reports on the characteristics of 50 devices detected on the Apple campus, and of the software they were running.
-Bill at
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