Apple Reports First Quarter Results, Brings Back Pink
January 25th, 2008

It’s been a record breaking quarter for Apple with Mac, iPod and iPhone sales breaking previous records and the company reporting their best quarterly revenue and earnings ever in the fiscal 2008 first quarter ended December 29, 2007. Apple posted revenue of US$9.6 billion and net quarterly profit of $1.58 billion, or $1.76 per diluted share. These results compare to revenue of $7.1 billion and net quarterly profit of $1 billion, or $1.14 per diluted share, in the year-ago quarter. Gross margin was 34.7 percent, up from 31.2 percent in the year-ago quarter. International sales accounted for 45 percent of the quarter’s revenue.

Additionally, Apple also announced the return of the pink iPod nano which is available immediately in an 8GB model for $199. The iPod nano features a two-inch display which lets users watch iTunes Movie Rentals, TV shows and music videos. It delivers up to 24 hours of audio playback or five hours of video playback on a single charge.

“Customers are going to love the gorgeous new pink iPod nano,” said Greg Joswiak, Apple’s vice president of Worldwide iPod Product Marketing. “The pink iPod nano is perfect for people who want a great new color this spring, or who are searching for a special Valentine’s Day gift.”

Apple shipped 2,319,000 Macintosh computers, representing 44 percent unit growth and 47 percent revenue growth over the year-ago quarter. The Company sold 22,121,000 iPods during the quarter, representing five percent unit growth and 17 percent revenue growth over the year-ago quarter. Quarterly iPhone sales were 2,315,000.

“We’re thrilled to report our best quarter ever, with the highest revenue and earnings in Apple’s history,” said Steve Jobs, Apple’s CEO. “We have an incredibly strong new product pipeline for 2008, starting with MacBook Air, Mac Pro and iTunes Movie Rentals in the first two weeks.”

“Apple’s revenue grew 35 percent year-over-year to $9.6 billion, an increase of almost $2.5 billion over the previous December quarter’s record-breaking results,” said Peter Oppenheimer, Apple’s CFO. “Our strong results produced cash flow from operations of over $2.7 billion during the quarter, yielding an ending cash balance of over $18.4 billion. Looking ahead to the second quarter of fiscal 2008, we expect revenue of about $6.8 billion and earnings per diluted share of about $.94.”

Apple’s webcast can be heard here; 2008 proxy materials are now available on the web under the US Securities and Exchange Commission’s new Notice and Access rule and can be found here.

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