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Earnings: Apple Provides Good Distraction To Jobs Health By Posting Record Revenue

Most Apple watchers are still dissecting the revelation, barely a week old, that CEO Steve Jobs is taking a leave of absence from Apple (NSDQ: AAPL). But perhaps Apple’s first-quarter financial results, released today, will provide some distraction: The company posted record revenue of $10.17 billion and record net profit of $1.61 billion, or $1.78 a share. Analysts surveyed by FactSet Research estimated that Apple would earn $1.29 a share on $10.16 billion in sales for its first quarter. These results compare to revenue of $9.6 billion and profits of $1.58 billion, or $1.76 a share in the year-ago period.

Release | Transcript (via Seeking Alpha)

Sector breakdown: Apple sold 2,524,000 Macs during the quarter, representing 9 percent growth over the year-ago quarter. The company sold a record 22.7 million iPods during the quarter, representing three percent growth, and 4,363,000 iPhones, representing 88 percent unit growth over the year-ago quarter.

iPhone performance: In the fourth quarter, the iPhone business racked up $4.6 billion in revenues, a huge jump. Unit sales of iPhone 3G continued to be significant in the quarter ended Dec. 27, 2008, with 4.4 million iPhones sold; that compares to 6.9 million iPhones sold in the fourth-quarter period. Apple reports revenues from iPhone and Apple TV over their economic lives, but when it’s adjusted and you eliminate the impact of subscription accounting, the company said non-GAAP revenues from these two products — a majority of which came from the iPhone — were $11.8 billion in revenue and $2.3 billion in net income. The company reported these non-GAAP numbers for the first time last quarter.

Outlook: Peter Oppenheimer, Apple