Apple Reports Record Profits, Next Quarter Could Be Higher

Apple today announced record setting financial results for its fiscal 2010 first quarter ended December 26, 2009. The Company posted revenue of $15.68 billion and a net quarterly profit of $3.38 billion, or $3.67 per diluted share. These results compare to revenue of $11.88 billion and net quarterly profit of $2.26 billion, or $2.50 per diluted share, in the year-ago quarter. Gross margin was 40.9 percent, up from 37.9 percent in the year-ago quarter. International sales accounted for 58 percent of the quarter’s revenue.

“If you annualize our quarterly revenue, it’s surprising that Apple is now a $50+ billion company,” said Steve Jobs, Apple’s CEO. “The new products we are planning to release this year are very strong, starting this week with a major new product that we’re really excited about.”

What new product might Steve be referring to, chances are it will be the much rumored Apple tablet that will reportedly be announced at the Apple press event being held on Wednesday.

Chances are that if the Apple tablet is as well received as many think it may be Apple will see another quarter of record setting profits coming in the second quarter. According to several early studies as many as 41% of respondents have said if the price is right they will purchase the new "iSlate - iTable - iPad" (or whatever it will be called)

In Q1 Apple saw a record setting 3.36 million Macs sold, representing a 33 percent unit increase over the year-ago quarter, representing 70% year on year growth in desktop sales and a record number of 8.7 million iPhones sold in the quarter, representing 100 percent unit growth over the year-ago quarter. Add to that a record high in iTunes sales and what was likely a record number of sales via the App Store and Apple is easily looking at the potential of having record sales throughout the rest of the year.