Apple Posts Record $7.1B Quarter

| Apple Stock Watch

Apple Inc. announced its earnings for the first fiscal quarter of 2007 with a record breaking US$7.1 billion in revenue and a net profit of $1 billion. The numbers exceeded analyst expectations by a substantial amount, and were fueled by strong Mac and iPod sales.

In comparison, Apple reported $5.7 billion in revenue with a $565 million for the same quarter a year ago. Gross margins for the quarter came in at 31.2 percent, up from 27.2 percent this time last year.

Apple shipped 1,606,000 Macs for the quarter, and 21,066,000 iPods - substantially higher than market estimates. The numbers indicate a 28 percent increase in Mac sales and a 50 percent increase in iPod sales compared to last year.

Steve Jobs, Appleis CEO, commented "We are incredibly pleased to report record quarterly revenue of over $7 billion and record earnings of $1 billion."

Looking to the second fiscal quarter, Apple expects revenue between $4.8 and $4.69 billion with an EPS between $0.54 and $0.56.

Apple stock is currently trading after hours at $94.76, down 0.19 (0.02%).

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