Apple Reports First Quarter Results

Apple today announced financial results for its fiscal 2011 first quarter ended December 25, 2010. The Company posted record revenue of $26.74 billion and record net quarterly profit of $6 billion, or $6.43 per diluted share. These results compare to revenue of $15.68 billion and net quarterly profit of $3.38 billion, or $3.67 per diluted share, in the year-ago quarter. Gross margin was 38.5 percent compared to 40.9 percent in the year-ago quarter. International sales accounted for 62 percent of the quarter’s revenue. “We had a phenomenal holiday quarter with record Mac, iPhone, and iPad sales,” said Steve Jobs, Apple’s CEO. “We are firing on all cylinders, and we’ve got some exciting things in the pipeline for this year, including iPhone 4 on Verizon, which customers can’t wait to get their hands on.”