Apple beats expectations for busy holiday quarter

21.01.2009
Apple beat expectations with its financial results for the holiday shopping quarter, a period that treated many consumer electronics companies badly.

The earnings report Wednesday comes as Apple faces scrutiny over last week's announcement that CEO Steve Jobs would take a leave of absence for health reasons. Reporters and analysts were hoping for more clues about his condition during the earnings conference call this afternoon.

Net profit for Apple's fiscal first quarter that ended Dec. 27 reached US$1.61 billion, or $1.78 per share, Apple said. Analysts polled by Thompson Reuters had expected net income of $1.27 billion and earnings per share of $1.39.

The earnings are up just barely from the same quarter last year, when Apple reported a profit of $1.58 billion and earnings per share of $1.76.

Revenue was $10.17 billion, compared with $9.6 billion last year.

Apple sold 2.5 million Macintosh computers during the quarter, up 9 percent over last year. IPod sales growth has slowed, though, with 22.7 million sold in the quarter, up just 3 percent.