Earlier this morning we saw a selloff as Wall St remained skeptical that Apple could sustain iPhone activation growth. However, Apple announced earnings today after the close and Apple slammed them out of the park, pushing the stock back into positive territory in after-hours trading.
Apple released earnings of $12.30 per share compared to an estimate of $10.04 and added $39.2 billion in revenue for a pure profit of $11.6 billion! Unit wise, Apple sold 35.1 million iPhones and 11.8 million iPads (expect more iPad sales as the new iPad went on sale only last month). This represents an 88% growth over the same quarter a year ago and a 151% increase unit wise. iPod sales declined 15% to 7.7 million units sold.
CEO Tim Cook summed it up by saying we’ll be seeing a lot more Apple innovation this year so that got us really excited. He stated, “We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter. The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.” We hope so Tim, we hope so.