Apple Inc. (AAPL) Reports Best Sales Quarter Ever
After a brief panic related to the concerning news about Steve Jobs, Apple’s CEO, which we reported on a couple of days ago, Apple Inc. (NASDAQ:AAPL) bounced back with its best ever sales report in the company’s history. And the small dip in its share price seems to have reversed almost completely today. Analysts are now confirming that a $450 target price for AAPL (Apple Inc.) shares is almost inevitable in the near future.
Overall Apple’s global sales grew by 71%, and its earnings on those sales increased by 78% in the last quarter of 2010.
Those sales included 4.13 million Macintosh Computers, 16.24 million iPhones, 19.45 million iPods and 7.33 million iPads. The only fall in sales was the continued slow decline in original iPod sales, which is to be expected with newer products in Apple’s product line superseding them. All other products continued to exhibit stellar growth.
Overall that means that Apple sold just under 15 million iPads in total in 2010. The best estimate made by pundits outside of Touch Reviews was for 9 million iPads being sold in 2010. But if you cast your mind back to May of 2010 we predicted 15 million iPads being sold in 2010. Gold star for us!
Apple’s revenues for the holiday quarter at the end of 2010 was $26.74 billion in cash, of which $6 billion was profit, not far off double that same quarter of the year prior to that. Pretty impressive stuff.
Statements from Steve Jobs and Peter Oppenheimer were as follows..
“We had a phenomenal holiday quarter with record Mac, iPhone and iPad sales,” said Steve Jobs, Apple’s CEO. “We are firing on all cylinders and we’ve got some exciting things in the pipeline for this year including iPhone 4 on Verizon which customers can’t wait to get their hands on.”
“We couldn’t be happier with the performance of our business, generating $9.8 billion in cash flow from operations during the December quarter,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the second fiscal quarter of 2011, we expect revenue of about $22 billion and we expect diluted earnings per share of about $4.90.”
Some people are now talking about a $100 Billion quarter for Apple in the not too distant future? What do you think? Is Apple set to continue to grow at that record pace in 2011? Or is it inevitable that their growth will plateau sometime soon? Have your say in the comments…