Apple Reports Best Quarter Ever22 Jan, 2008 By: Chris Tribbey
Apple reported Jan. 22 that the fiscal first quarter for 2008 was its best ever, with the computer giant posting revenue of $9.6 billion and a net profit of $1.58 billion.
In a conference call announcing the results, little mention was made of Apple's new iTunes movie rental service, which launched last week. However Apple CFO Peter Oppenheimer did say the company was excited about the new service.
“We think that our consumers are really loving the product,” he added.
Apple found most of its success in a 44% unit and 47% revenue growth in computer shipments and profits compared to the same period last year. That's 2.3 million computers total Apple shipped during the quarter.
The company also managed to sell 22.1 million iPods, a 5% unit growth and 17% growth in revenue compared to the same period last year. Apple also reported it sold 2.3 million iPhones.
“We're thrilled to report our best quarter ever, with the highest revenue and earnings in Apple's history,” said CEO Steve Jobs. “We have an incredibly strong new product pipeline for 2008, starting with the MacBook Air, Mac Pro and iTunes movie rentals in the first two weeks.”
Despite the great results, a poor outlook for Apple's next quarter sent the company's stock down more than 10% in after-hours trading.