Apple Inc. just posted some unexpected earnings numbers, exceeding all Wall Street projections by more than a little bit. The company reported, on revenue of $74.6 billion, earnings of $3.06 per share. The most optimistic of projections had predicted $2.97 per share, with the consensus estimate being $2.60. This brought the company to almost $178 billion in cash, a 15 percent increase over the previous quarter.
The Apple earnings numbers were bolstered by strong sales over the holiday season of the iPhone and iPad. They had projected sales on the iPhone of 65.7 million units, and ended up exceeding that considerably, selling 74.5 million. Although the iPad sales numbers were slightly under their projection of 22.2 million units, they were still strong enough at 21.4 million to positively impact the final earnings result.
Expectations for the current quarter are optimistic, both in light of the reported gains from last quarter and the introduction by the company of several new products, including the smartwatch offering. With expansion in the Chinese market being factored in, the current outlook for Apple is very sunny.
By Jim Malone
Image courtesy of Marco Paköeningrat – Flickr License