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Apple posts record earnings for Q1 2013: $13.1b profit on $54.5b revenue, record 47.8m iPhones sold

Apple posts record earnings for Q1 2013: $13.1b profit on $54.5b revenue, record 47.8m iPhones sold

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Cupertino has another record quarter and narrowly beats the Street

By Nilay Patel, editor-in-chief of the Verge, host of the Decoder podcast, and co-host of The Vergecast.

Source Apple

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tim cook

Apple just announced its Q1 2013 earnings, and the company posted a record $13.1b profit on a record $54.5b in revenue. That's just over last year's record of $13.06b profit on $46.33b in revenue at this time last year, and well over the $8.2b profit on $36 billion in revenue in the last quarter.

Importantly, iPhone sales were a record 47.8m compared to 37.04m iPhones a year ago and 26.9m iPhones last quarter, and iPad sales also set a record at 22.9m sold, compared to 15.43m last year and 14m last quarter. Overall, Apple moved some 75m iOS devices last quarter. Interestingly, Mac sales during the holiday quarter were down to 4.1m from 5.2m last year, while the iPod continued its predictable slide, with the traditionally strong holiday sales coming in at 12.7m from 15.4m a year ago.

The results narrowly beat the consensus Wall Street projections, which had Apple posting a $12.8b profit on $54.8b in revenue. Apple also beat its own estimates, which were $11b in profits on $52b in revenue. Even still, that may not be enough for investors, who are hammering the stock in after-hours trading for being "light on revenue."

Iphone_and_ipad_sales

Here's the total breakdown of sales across product lines:

Apple_sales

CEO Tim Cook and CFO Peter Oppenheimer will make remarks and answers questions from analysts at 5PM ET — check our live blog for all the news as it happens.

Update: Apple is providing some more insights on its earnings call. See our live blog for the latest updates.

  • Over half a billion iOS devices have been activated.
  • iPhone sales in China have doubled year-over-year. The company posted $7.3 billion in revenue from the China region in Q1.
  • As we knew, Apple had delays producing its new iMac, and Peter Oppenheimer says that "we believe our Mac sales would have been much higher absent these constraints."
  • Apple's retail stores are averaging 23,000 visitors per week, a seven percent increase.
  • The company didn't specify its iPad mini sales, but Tim Cook said "we could not build enough iPad minis to come into a demand balance."
  • Apple says it has delivered 4 trillion notifications in Notification Center, and it has 200 million Game Center users.
  • Tim Cook says that the Apple TV remains "an area of intense interest," and that the company has sold over 2 million during the quarter — up almost 60 percent year-over-year.

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