Apple Posts Another Record Quarter, But Stocks Take Hit
January 24, 2013
Despite reporting another record-breaking quarterly report for its fiscal Q1, Apple took a hit in the stock market late Wednesday, as the results did not live up to Wall Street's expectations. Apple reported a record $54.5 billion in quarterly revenue, with record quarterly net profit of $13.1 billion.
Apple also sold a record 47.8 million iPhones in the quarter, compared to 37 million in Q1 2012. Apple also sold a record 22.9 million iPads during the quarter, compared to 15.4 million a year earlier. Sales of Macs and iPods continued to gradually slip, as the company sold 4.1 million Macs, down from 5.2 million, and 12.7 million iPods, down from 15.4 million.
"We’re thrilled with record revenue of over $54 billion and sales of over 75 million iOS devices in a single quarter," said Tim Cook, Apple’s CEO. "We’re very confident in our product pipeline as we continue to focus on innovation and making the best products in the world."
"We’re pleased to have generated over $23 billion in cash flow from operations during the quarter," said PeterOppenheimer, Apple’s CFO. "We established new all-time quarterly records for iPhone and iPad sales, significantly broadened our ecosystem, and generated Apple’s highest quarterly revenue ever."
However, Wall Street experts expected $54.7 billion in revenue in Apple's fiscal Q1. The company also predicted Q2 revenue will come in between $41 and 43 billion, bellow Wall Street hopes for $45.6 billion. After-hours trading of Apple stock saw it drop over 10 percent in value, down by $52.54 to $461.47/share, according to CNet. As of 9:45 a.m. ET today, Apple was trading at around $453/share, having fallen even further once the stock markets re-opened. Analysts were also expecting higher sales figures on iPads and Macs in the quarter.