Apple Reports Record Profits and Revenue

Michael Convente October 19, 2010 0

This afternoon Apple, Inc. released their fiscal 2010 4th quarter earnings, and the news is good for investors.  Apple posted a record $4.31 billion profit, with total revenue figures also a record to the tune of $20.34 billion.  The company sold 3.89 million Mac computers during the quarter, an increase of 27 percent from the previous year.  Additionally, Apple sold 14.1 iPhones and 9.05 million iPods.  Despite these strong numbers, all of which are higher when comparing to the 2009 4th quarter, Apple actually underperformed analysts' expectations in sales of it's newest product, the iPad.  During the latest quarter, Apple sold a still-solid 4.19 million of the tablet devices, but came short of the 5 million mark predicted by industry experts.

Nevertheless, Apple CEO Steve Jobs was still elated at the performance of his company.  “We are blown away to report over $20 billion in revenue and over $4 billion in after-tax earnings—both all-time records for Apple,” said Steve Jobs, Apple’s CEO. “iPhone sales of 14.1 million were up 91 percent year-over-year, handily beating the 12.1 million phones RIM sold in their most recent quarter. We still have a few surprises left for the remainder of this calendar year.”

Apple's performance is even more impressive being that the busy holiday season has just begun, and the company and investors should expect an even better performance for it's next fiscal quarter.  It will also be interesting to see how the forthcoming Apple TV will perform for Apple's bottom line.  Whatever Apple has coming down the pipeline, it's safe to say that the company expects to remain profitable in the near and far future.

Source: Apple.com

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