Apple Destroys Q3 2010 Earnings Estimates – With 78% Revenue YOY

Although Apple has been getting some bad press lately due to the issue dubbed "antennagate" it clearly isn't hurting their bottom line for the company. In a press release today, the Cupertino company announced earnings for Q3 2010 which ended on June 26th. There is only one thing we can say - wow, the statistics are pretty impressive. The company posted revenue of $15.7 billion for the quarter with earnings per diluted share coming in at $3.51 p from the $2.01 per share in Q3 of last year. The company's gross margi was 39.% compared to 40.9% from a year ago and international sales accounted for 52% of the company's quarterly revenue. Apple ended up selling 3.47 million Mac computers (a 33% increase from Q3 of last year), 8.4 million iPhone (up from 61%), 9.41 million iPods (an 8% decline), and 3.27 million iPads. Apple's CFO, Peter Oppenheimer did say “We’re really pleased to have generated over $4 billion of cash during the quarter. Looking ahead to the fourth fiscal quarter of 2010, we expect revenue of about $18 billion and we expect diluted earnings per share of about $3.44.” Think whatever you may of Apple, but at this point Apple is practically printing money at Cupertino. You can check out the press release below and check out the full release on Apple's site for more details.

Apple Reports Third Quarter Results

All-Time Record Revenue
Earnings Increase 78 Percent

CUPERTINO, California—July 20, 2010—Apple® today announced financial results for its fiscal 2010 third quarter ended June 26, 2010. The Company posted record revenue of $15.7 billion and net quarterly profit of $3.25 billion, or $3.51 per diluted share. These results compare to revenue of $9.73 billion and net quarterly profit of $1.83 billion, or $2.01 per diluted share, in the year-ago quarter. Gross margin was 39.1 percent compared to 40.9 percent in the year-ago quarter. International sales accounted for 52 percent of the quarter’s revenue.

Apple sold 3.47 million Macs during the quarter, representing a new quarterly record and a 33 percent unit increase over the year-ago quarter. The Company sold 8.4 million iPhones in the quarter, representing 61 percent unit growth over the year-ago quarter. Apple sold 9.41 million iPods during the quarter, representing an eight percent unit decline from the year-ago quarter. The Company began selling iPads during the quarter, with total sales of 3.27 million.

“It was a phenomenal quarter that exceeded our expectations all around, including the most successful product launch in Apple’s history with iPhone 4,” said Steve Jobs, Apple’s CEO. “iPad is off to a terrific start, more people are buying Macs than ever before, and we have amazing new products still to come this year.”

“We’re really pleased to have generated over $4 billion of cash during the quarter,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the fourth fiscal quarter of 2010, we expect revenue of about $18 billion and we expect diluted earnings per share of about $3.44”

Apple will provide live streaming of its Q3 2010 financial results conference call beginning at 2:00 p.m. PDT on July 20, 2010 at www.apple.com/quicktime/qtv/earningsq310/. This webcast will also be available for replay for approximately two weeks thereafter.