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Apple's Q3 earnings exceed estimates: $28.57 billion revenue, $7.31 billion profit, 20 million iPhones sold

Zach Honig
07.19.11
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If you've been waiting for Apple's earnings to come in shy of analyst estimates, you're about to be disappointed yet again. Cupertino just reported its best quarter ever, with earnings of $7.79 per share, revenue totaling $28.57 billion, and a net profit of $7.31 billion. We know you're probably more interested in sales figures, however, and as you might expect, Apple's continued to ship iPhones and iPads at a steady pace, with 20.34 million smartphones and 9.25 million tablets sold last quarter. It's also shipped 3.95 million Macs -- a 14 percent jump over Q3 2010's numbers. Fewer iPods made it out the door this quarter, however, totaling 7.54 million compared to the 9.41 million Apple sold in Q3 2010. As always, the company seems to be mum on future product announcements, though we wouldn't be surprised to see new MacBook Air and Lion sales figures factoring into next quarter's results. Meanwhile, rumors are stirring in Silicon Valley that Apple's board has begun looking for possible replacements for CEO Steve Jobs, following a Wall Street Journal article by Yukari Iwatani Kane, who has a history of being eerily accurate with Apple rumors. This news hasn't had an effect on Apple's stock price, however, which topped $400 per share during after-hours trading today.

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Apple Reports Third Quarter Results

All-Time Record Revenue and Earnings

iPhone Sales Grow 142 Percent; iPad Sales Grow 183 Percent

CUPERTINO, California-July 19, 2011-Apple® today announced financial results for its fiscal 2011 third quarter ended June 25, 2011. The Company posted record quarterly revenue of $28.57 billion and record quarterly net profit of $7.31 billion, or $7.79 per diluted share. These results compare to revenue of $15.70 billion and net quarterly profit of $3.25 billion, or $3.51 per diluted share, in the year-ago quarter. Gross margin was 41.7 percent compared to 39.1 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter's revenue.

The Company sold 20.34 million iPhones in the quarter, representing 142 percent unit growth over the year-ago quarter. Apple sold 9.25 million iPads during the quarter, a 183 percent unit increase over the year-ago quarter. The Company sold 3.95 million Macs during the quarter, a 14 percent unit increase over the year-ago quarter. Apple sold 7.54 million iPods, a 20 percent unit decline from the year-ago quarter.

"We're thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent," said Steve Jobs, Apple's CEO. "Right now, we're very focused and excited about bringing iOS 5 and iCloud to our users this fall."

"We are extremely pleased with our performance which drove quarterly cash flow from operations of $11.1 billion, an increase of 131 percent year-over-year," said Peter Oppenheimer, Apple's CFO. "Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50."

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