AAPL Earnings: Cash Hoard Swells to New Record
For its fiscal 2013 first quarter, which included 13 weeks, Apple (NASDAQ:AAPL) posted a net profit of $13.1 billion ($13.81 per diluted share), compared to $13.1 billion ($13.87 per diluted share) a year earlier. Meanwhile, revenue increased 17.7 percent to $54.5 billion, from $46.3 billion in the 14-week year-ago quarter. Analysts had expected Apple to earn $13.47 per share on $54.9 billion in revenue. Apple’s own estimates called for $11.75 per share with revenue coming in at $52 billion.
Gross margin came in at 38.6 percent, which was slightly better than the 38.4 percent expected by Wall Street. In the same quarter a year earlier, gross margin was 44.7 percent.
Apple sold a record 47.8 million iPhones in the quarter, compared to 37 million a year earlier. Apple also sold a record 22.9 million iPads. Mac and iPod unit sales declined from the same year-ago quarter.
Through all the volatility in supply issues and rumors, the company is still adding greenbacks to its massive cash hoard…