Apple Posts Record iPhone and iPad Sales, Weak on Mac Sales
Apple Inc. (NASDAQ: AAPL) has reported its first fiscal quarter earnings for 2013 and the consumer electronics giant turned in results of $13.81 in earnings per share on $54.5 billion in revenue. Thomson Reuters had the consensus forecasts at $13.44 earnings per share and a gain of 18% in sales to $54.73 billion. Apple generated over $23 billion in cash flow from operations during the quarter and it now has close to $137 billion in cash and equivalents.
The world's largest company by market cap sold a record 47.8 million iPhones in the quarter versus 37 million in the year-ago quarter and it sold a record 22.9 million iPads versus 15.4 million a year ago. The company sold only 4.1 million Macs, which is down from 5.2 million a year earlier. Apple sold 12.7 million iPods versus 15.4 million in the year-ago quarter. Gross margin came in 38.6% versus 44.7% in the year-ago quarter. International sales now account for 61% of the quarter's revenue.
For the current quarter's guidance, revenue is projected to be $41 to $43 billion and gross margin is put between a range of 37.5 percent and 38.5 percent. Thomson Reuters has a consensus grouping of $11.70 EPS and $45.63 billion in revenue.
Apple shares closed up 1.8% at $514.01 against a 52-week range of $443.14 to $705.07 and that compares to a pre-earnings consensus analyst price target of $709.60 for the stock. Shares are trading down close to 5.5% at $487 to $488 in the after-hours session.
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