Apple soars after earnings double

"Apple's results were tremendous and the company continues to distance itself from industry peers. Just the magnitude of the iPhone beat is very impressive." – Bill Kreher, analyst at Edward Jones.

Apple announced that earnings more than doubled for its first fiscal quarter, reporting results on Tuesday afternoon that blew past Wall Street’s estimates, primarily from a huge jump in sales of the iPhone. For the quarter ended December 31, Apple reported net income of $13.1 billion, or $13.87 per share, compared with net income of $6.0 billion or $6.43 per share for the same period the previous year. Revenue jumped 73% to $46.3 billion. Wall Street was expecting earnings of $10.08 per share on revenue of $38.85 billion for the quarter.

The consumer electronics super-power said it shipped 37.04 million iPhones for the quarter, significantly beating Wall Street's forecast for just more than 30 million units sold. Shipments of the iPad totaled 15.43 million units, also beating estimates of about 13.8 million units. While Mac shipments came in at 5.2 million units, in line with forecasts.

For the current quarter, Apple forecast revenue of $32.5 billion with earnings per share of $8.50, adding that the quarter includes 13 weeks. Wall Street was expecting revenue of $32.0 billion with earnings per share of $8.02.

Apple (AAPL : NASDAQ : US$420.41), Net Change: -7.00, % Change: -1.64%, Volume: 18,402,572

Canaccord Genuity Inc. is a global investment banking and institutional brokerage firm. Their website is www.canaccordgenuity.com.

For disclosures of any equities mentioned here please see: http://www.canaccordgenuity.com/en/ODD/pages/disclosures.aspx.

About the Author

Canaccord Genuity Inc. is a global investment banking and institutional brokerage firm. Their website is www.canaccordgenuity.com.

For disclosures of any equities mentioned here please see: http://www.canaccordgenuity.com/en/ODD/pages/disclosures.aspx.

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