Apple Details Q3 Earnings, Has Best Quarter Ever

Apple has attracted a lot of attention for its MacBook Air refresh and the launch of Lion but the company also announced earnings for its third fiscal quarter this past Tuesday. The Cupertino-based company posted record quarterly revenue of $28.57 billion and record quarterly net profit of $7.31 billion, or $7.79 per diluted share. These results compare to revenue of $15.70 billion and net quarterly profit of $3.25 billion, or $3.51 per diluted share, for the same period last year.

"We are extremely pleased with our performance which drove quarterly cash flow from operations of $11.1 billion, an increase of 131 percent year-over-year," said Peter Oppenheimer, Apple’s CFO. "Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50."

iPhone, iPad, and Mac sales were all up, increasing 142 percent, 183 percent and 14 percent respectively. The only product that saw a decline in sales was the iPod, which suffered a 20 percent unit decline compared to the same period last year. As far as unit sales go, Apple sold 20.34 million iPhones, 9.25 million iPads, 3.95 million Macs and 7.54 million iPods.

Apple Chief Executive Officer Steve Jobs said that with revenue up 82 percent and profits up 125 percent, this has been Apple's best ever quarter.

"Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall," Jobs said.
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APPLE $400!

Apple's earnings are out and it's another monster quarter for the company as iPhone and iPad sales blew away estimates.

It earned $7.31 billion in net profit on revenue of $28.57 billion for the June quarter. Both are records for Apple.

Apple's guidance is much lower than expected, but the company is notorious for sandbagging its guidance then delivering a big surprise.

In the release Steve Jobs said, "We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent."

He added, "Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall."

While there was no hint, or even suggestion about the iPhone 5 in that statement from Jobs, CFO Peter Oppenheimer spilled the beans a little on the call. He said the September quarter would be affected by a "product transition," which suggests we'll see a new iPhone.

Apple's stock was halted for trading when earnings were being released. Once they were out and the stock was trading again, it exploded 8% higher and broke the $400 barrier for the first time ever.

Read more: http://www.businessinsider.com/apple-earnings-june-quarter-2011-7#ixzz1ScJgmugK

Apple Loses Senior iPhone Patent Attorney

Richard “Chip” Lutton Jr, Apple’s senior patent attorney in charge of iPhone-related properties, is leaving the company and is being replaced by BJ Watrous. Mr. Watrous has previously served as deputy general counsel for Hewlett Packard.

According to Reuters, no reason has been given to explain Mr. Lutton’s pending departure. Unnamed sources claimed he will be officially gone from Apple, possibly as soon as next month.

The timing of the change on Apple’s legal team lands in the middle of several big patent battles. Apple is currently dealing with patent infringement lawsuits from Samsung, and is suing HTC over patent infringement allegations, too. Most recently, Apple filed a second complaint against HTC with the U.S. International Trade Commission.

Apple is also dealing with patent lawsuits and potential legal action from several smaller companies including Lodsys. Currently, Lodsys is targeting iOS app developers in an effort to force them into licensing the same patents Apple for which is already paying fees.

There isn’t any word yet on exactly when Mr. Watrous will be taking over for Mr. Lutton, although his LinkedIn profile already lists as Vice President & Chief IP Counsel for Apple.

Apple has not commented on Mr. Lutton’s departure.