"If you annualize our quarterly revenue, it's surprising that Apple is now a $50+ billion company. The new products we are planning to release this year are very strong, starting this week with a major new product that we're really excited about." - Steve Jobs
Wow, I thought that Steve Job's "Reality Distortion Field" only applied to those attending his speeches...
It appears the whole company now. The current state of a very depressed economy has had absolutely no effect on the Little Fruit Company. It's as if the world outside doesn't have any sway on Cupertino. Would that all business were immune to the disasters of modern economics.
If you don't know what I'm blathering about then you didn't see Apple's quarterly statement being released yesterday. To say that it was very good would be a great understatement. Maybe akin to saying that "Avatar" has made a profit.
Here's the skinny:
* Net income for the quarter ended Dec. 31 surged 50% from a year earlier to a record $3.4 billion, or $3.67 per share.
* Apple's sales rose 32% to a record $15.7 billion, easily sweeping past analysts' forecasts of $12.1 billion. The second straight quarter in which Apple posted record revenue.
* A 100% year-over-year rise in iPhone sales and a 33% increase in Mac sales. Apple sold a record 8.7 million iPhones in the quarter. That's up 17.6% from the 7.4 million it sold in the previous quarter and twice what it sold during the same quarter a year ago. Part of the sales increase was due to the release of the device in China last quarter.
* Despite the economic problems, Apple sold 3.4 million Macs in the quarter.
* Although the company lowered prices for many of its products last quarter, it still managed to grow gross margin to 40.9%, up from 37.9% a year ago. Apple beat Wall Street's consensus forecast by over five percentage points.
* The company anticipates earnings of about $2.06 to $2.18 per share in the current quarter on revenue of about $11 billion to $11.4 billion.
And then there is that little event being held at ten in the morning tomorrow. A new device will be introduced and expectation is high that it will be a tablet (iSlate, iPad, iTablet, iDon't Know). Word is that the device is being positioned for entertainment purposes more than a business. Media (print and electronic) and games are said to be a primary focus of the device and Jobs is said to be extremely happy with the results. Steve is a very demanding CEO so if he's happy, I really am curious as to what this device will be/do. What will it be? A competitor of the current tablets or something going after a PSP?
We'll know by this time tomorrow...