Apple results smoke market estimates

Everybody scrap those estimates of yours, because really, more like ana-missed's and not analysts. This always seems the case with Apple inc., who reported quarterly numbers post market yesterday evening. The numbers smoked the estimates, a bit like that Gareth Bale fellow from Spurs, he is lightning quick having smoked Jele a couple of times last night. But in the same way, Jele laughed last. These Apple results were incredibly crispy.

For the record, these are record results. Here goes from the quarterly release Apple reports third quarter results: "The Company posted record quarterly revenue of $28.57 billion and record quarterly net profit of $7.31 billion, or $7.79 per diluted share." Wow. And margins were better would you believe. 41.7 percent gross margins are the envy of many a business. And listen to this line carefully: "International sales accounted for 62 percent of the quarter's revenue." Get that part? Outside of the US (and inside) everyone is nuts for the product. Never met a committed Apple product user that did not sell the product hard.



Here is the sales product mix, 20.34 million iPhones (the street was looking for 18 million or so), 9.25 million iPads sold (the street was looking for 8 or so million), 3.95 million Macs sold (I think the street got that right) and here is a sign of what the market is looking like, 7.54 million iPods sold, down twenty percent versus last year. The street got that wrong, were expecting higher. Strangely, the lower iPod sales were actually ahead of Apple's expectations, I picked that up in the transcript of the conference call: Apple Management Discusses Q3 2011 Results - Earnings Call Transcript.

Store ramp up is huge, they will open 30 new stores in the September quarter, with 70 percent of those outside of the US. And as they say, excited to open the first one in Hong Kong. This is simply mind blowing sports lovers, cash and cash equivalents are greater than Goldman Sachs' market cap. Did you hear that? That China growth thing, check out the mainstream view: Apple's Tim Cook: "China Was Very Key To Our Results." Holy smokes? Sales up 6 fold in Asia Pacific? Amazing really. And that friends, is the reason that we continue to like the stock. And so does the market, post and pre market the stock is up nearly four percent at a little over 391 Dollars a share. Wow.