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iPad launch boosts Apple results

|Includes: Apple Inc. (AAPL)
Boosted by the sale of almost 3.3 million iPads, Apple (Nasdaq: AAPL) Tuesday reported record quarterly revenues of $15.7 billion and earnings of $3.25 billion for its third quarter.
Revenues jumped 61% from the $9.73 billion reported in the same quarter a year ago, with the introduction of the iPad at the beginning of the quarter adding $2.17 billion to the top line. Earnings climbed 78% from $1.83 billion in the same quarter last year. Earnings per share of $3.51 rose 75% from $2.01 in the comparable report a year earlier.
Analysts were expecting the company to report earnings of $3.11 per share on revenues of $14.75 billion. The earnings estimates have steadily been climbing higher over the last quarter.
Apple shares fell to just above $240 today before rallying to close up more than 2.5% at $251.89 ahead of the report. The stock tacked on another 3% in after hours trading.
Apple also sold 3.5 million Mac computers, 9.4 million iPods and 8.4 million iPhones in the quarter. CPU growth was 33%, while 61% more iPhones were sold than a year ago. iPod sales actually declined 8% from 10.2 million in the same quarter last year.
The Americas continued to be the company’s largest source of revenues with $6.2 billion, up 39%. Other markets showed greater growth, including a 160% surge in Asia Pacific revenues.
“It was a phenomenal quarter that exceeded our expectations all around, including the most successful product launch in Apple’s history with iPhone 4,” said Steve Jobs, Apple’s CEO. “iPad is off to a terrific start, more people are buying Macs than ever before, and we have amazing new products still to come this year.”
The company generated more than $4 billion of cash during the quarter. Company officials said they expected fourth-quarter revenues of $18 billion and earnings per share of $3.44.


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