Apple Results: Above expectations, huge iPhone sales

Posted on by Mike Evans

Apple Logo Author: Michael Evans

Apple just announced results for the first quarter of 2010 and have exceeded expectations by a wide margin. Most impressive figure is iPhone shippings for the quarter--a cool 8.75 million. This represents 17 percent of total sales in the first three years. And all in just three months. Mac sales were a solid 2.94 million compared with Wall Street expectations of 2.7 million. Half of these sales were to customers who had never owned a Mac before (see my Trojan post earlier today). Even the iPod, somewhat overshadowed by newer developments, shipped 10.89 million against 9 million expected. iTunes sales topped $1.1 billion, including Apps downloads. There have been over 4 million App downloads to date

Revenues for the quarter were $13.5 billion against forecasts of £12.06 billion, and earnings per share rose to $3.33 versus the expectation of $2.44. Looking ahead, the company expects $13 billion sales in the second quarter, although commentators point out that Apple projections are typically very conservative.

All this is without the iPad factor and without the sales impetus that will come from the MacBook Pro upgrades and the arrival of the fourth-generation phone in June. Seems like Apple is again on a roll. Shares rose $7 in after-hours trading.

(Disclosure: holds stock in Apple, Inc.)

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