Once again, its hard to put the Apple earnings into context. There are 5 key areas to look at: iPhone, iPad, Mac, Retail Stores, and International growth.

The numbers are simply immense:

Earnings:

• Apple had net income of $11.6 billion on revenue of $39.19 billion. Earnings per share were $12.30 (versus Street analysts consensus of $10.06 per share, $9.52 billion in profits on revenue of $36.8 billion);
• Profits rose 94%; revenues gained 58.9%for Q1
• Apple’s cash = $110.2 billion at end of Q1 (up from $97.6 billion at year’s end)
• ~$74 billion of Aple’s cash is held offshore.
• Gross margin rose to 47.4% from 41.4% a year earlier.
• Apple has beaten Wall Street’s consensus estimates in 16 out of its last 17 quarters;
• Apple has 360 million cumulative iOS device sales.

iPhones:

• Apple sold 35.1 million iPhones — up from 18.65 million units a year ago.
• iPhones (+ ecosystem) are 57.9% of Apple’s sales, up from 52.7% prior Q.
• iPhones are now available in more than 100 countries and at 230 wireless carriers (versus 90 countries and 186 carriers a year ago).
• iPhone sales in Asia Pacific doubled.

iPad:

• iPad sales were 11.8 million units — up more than 150% from a year ago.
• Since its launch two years ago, Apple has sold 67 million iPads (Tim Cook: “It took us 24 years to sell that many Macs, and five years to sell that many iPods, and over three years for that many iPhones.”)
• iPad channel inventory was about 2 million at the end of the quarter, which is below the company’s target range of 4-6 weeks of iPad inventory.
• App Store has 600,000 apps, 200,000 of them specifically for iPad.

Everything else:

• China accounted for $7.9 billion of revenue — about 20% of Apple’s total; this is a 300% gain from year ago levels.
• Two years ago, Apple sales in China were 2% pf total.
• Apple sold 4 million Macs during Q, up 7% vs Q1 2011;
• iPod sales were 7.7 million units, down 15% vs Q1 2011;
• iTunes sales = $1.9 billion Q1 — an annual run rate of about $8 billion per year (up 35% year over year).
• Retail store revenues jumped 38% from 2011 Q1;
• 24th straight Q that the Mac has outgrown the broader PC market.
• Non Mac PC shipments in the United States totaled 15.5 million units in the first three months of 2012, representing a 3.5 percent decline from the same period last year

 

Previously:
Apple +iPad by the Numbers  (March 7th, 2012)

Sources:
Apple 8K
All Things D
WSJ
Bloomberg
NYT
All Things D (2)

Category: Data Analysis, Earnings, Technology

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9 Responses to “Apple by the Numbers”

  1. jaymaster says:

    The China numbers surprise me more than anything else. Looks like Apple has figured out how to crack that nut.

    And I’m extra happy to see some of that Chinese wage money make its way back across the pond and into my greedy capitalist pockets!

  2. rd says:

    The next two years are going to be a major test for the consumer electronics portion of the tech sector.

    AAPL is making big margins on their products due to excellent visioning and design. However, the guiding force behind these products, Steve Jobs, is dead.

    The other major players in new ideas in consumer electronics over the past 30 years, such as Sony, Nokia, RIMM etc. are all struggling to produce anything at all that can remotely keep up with Apple’s products. These are all well-funded companies with no reason not to have good management and superb product development teams.

    Are we looking at the end of a magical period of creativity with the death of Steve Jobs? The other companies have not been able to come up with attractive creative ideas over the past decade. That implies that it is not easy to maintain and create succession plans for these creative teams, and so it is not a given that Apple will be able to do so.

    We are still in a golden era of software development as the increased capabilities of the consumer electronics allow for developers to keep coming up with cool applications with social content and mobility taking over the leadership from desktop search engines etc. as the leaders. However, how much have the fundamental interfaces changed from the first GUI operating systems with touch screens on desktop computers in the 1980s? Much of it is simply explained by Moore’s Law driving those capabilities into smaller, faster electronics packages with much more data capacity.

    Moore’s law says that we should be seeing another significant improvement in the size, capacity, and speed of devices over the the next 2-3 years. Will we see new major types of devices emerge from Apple or other companies two years from now to take advantage of this?

  3. SivBum says:

    Anyone concerned with the significantly lower Q3 guidance:

    Apple sees Q3 EPS of $8.68, revenue of $34 bln Vs Q2 EPS of 12.30 and revenue of 39.2b?

    ~~~

    BR: They tend to play the same game as everyone else — come in low on guidance, beat, etc.

  4. b_thunder says:

    Apple sales in China, aka The Final Frontier, are NOT going to grow 300% or anything close to that again. Ever.
    And then what? iPhones that self-destruct every 2 years so that people are forced to upgrade?

    My friendly $100 bet that, adjusted for (hyper)inflation, Apple’s 2011 Q4 earnings will not be exceeded in next 5 years is still alive!

  5. Bob A says:

    There’s no question people buy that stuff but it makes absolutely no sense to me.
    Makes about as much sense as smoking or paying for bottled water.
    Crazy world.

  6. ssc says:

    Every time I look at this “type” of stuff, it just amazes me how much money the “analysts” made and how many people read their stuff. They are in probably the only business that one can “missed” by a mile every quarter for over 4 years (16 quarter too low, one quarter too high) and still be paid and get quoted everywhere. AND, this is with the biggest market cap company in the world with products everywhere. I remember when Microsoft was king, they used to “manage” revenue such that they beat every quarter. Simply amazing, BTW, where do I apply???

  7. techy says:

    b_thunder: there is a good probability that will be exceeded this christmas quarter, we will see.

    But I agree that apple earning growth is not sustainable….but at the same time how can you say with surity that the sheeples will not buy 10 million iTV (iPanel) when they come out with it??

    You are thinking that people are rational….in India iPhone sells for around $1000 and a ton of people still buy it for status symbol. Its like the engagement diamond ring even most middle class folks buy for >$2k, because somehow it has become a norm.

    If 400 million people decide to go hungry to buy apple products and spend $1000 per year, there is your trillion dollar company.

  8. JimRino says:

    Apple’s iPad is cannibalizing PC Sales!

    A perfect company if:
    - They had an iBook reader for their computer’s, like Kindle.
    - They stopped acting like the Java community was at war with them.
    - Keep the high-end MacBook Pro.
    - Bring back the servers!