Apple has again surprised Wall Street with phenomenal fiscal results, posting record quarterly revenues and earnings.
In its fiscal 2011 third quarter ending June 25, the consumer electronics giant brought home net income of $7.31 billion, or $7.79 per diluted share, on revenues of $28.57 billion.
Apple proved ONCE AGAIN why it is the best run company in the world,” wrote Steve Reitmeister, executive vice president of Zachs Investment Research, in a newsletter. They served up a 34% earnings beat on 15% higher revenue. That means that analysts undercounted revenue by a whopping $3.6 billion. This is yet another in a string of earth shattering beats for AAPL.”
Sales of Apples admired smartphone and tablet computer, the iPhone and iPad, fared well in the quarter. Apple sold 20.34 million iPhones, representing 142 percent unit growth over the year-ago quarter. The company sold 9.25 million iPads, constituting a 183 percent unit increase over the same period a year ago.
Wall Street was only expecting Apple to sell 17 million iPhones and 8 million iPads, according to Jeffries equity analyst Peter Misek.
However, sales of Macs and iPods fell below analysts’ estimates. Apple sold 3.95 million Macs and 7.54 million iPods. iPod sales represented a 20 percent unit decline compared to the year ago quarter.
“We believe Apple’s product leadership, vertical integration, and vast scale mean that it will receive the lion’s share of the economic benefit from the three biggest multi-year trends in technology: smartphones, 4G and tablets,” Misek wrote in a research note.
Apple forecasts revenues of $25 billion and diluted EPS of $5.50 in its fourth fiscal quarter.
Shares of Apple were trading early Wednesday afternoon at $387.56 on the NASDAQ. Thats down from a record 52-week high reached earlier in the morning ($396.27), according to New York Stock Exchange Technologies Global Market Data.