• Apple Destroys Wall Street Estimates on Record Quarterly Revenue, Earnings Report



    Apple did it again.

    Moments ago, the Cupertino, California-based tech giant released what analysts are already calling a "blowout quarter" in terms of the company's record quarterly earnings and revenues. Helping Apple reach today's lofty perch is the fact that sales of iPads nearly tripled during the third fiscal quarter ending June 25, 2011.

    According to the official word from Apple, earnings popped to $7.79 a share from $3.51 a share one year ago. The "street" had anticipated earnings of about $5 but definitely not more than $6 a share. Meanwhile, revenue rose to $28.57 billion from $15.7 billion one year ago during the same quarter.

    The Company sold 20.34 million iPhones in the quarter, representing 142 percent unit growth over the year-ago quarter. Apple sold 9.25 million iPads during the quarter, a 183 percent unit increase over the year-ago quarter.
    “We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent,” said Steve Jobs in a press release that accompanied the earnings report. “Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall.”

    “We are extremely pleased with our performance which drove quarterly cash flow from operations of $11.1 billion, an increase of 131 percent year-over-year,” added Peter Oppenheimer, Apple’s CFO. “Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50.”

    Apple will provide live streaming of its Q3 2011 financial results conference call beginning at 2:00 p.m. PST today. To "tune in," click here.

    Source: Apple
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