1/24/2013 -

Apple announces Q1 2013 earnings
Yesterday was Google, tomorrow is Microsoft -- stuck in the middle? Apple. The unholy trinity of tech are going back-to-back-to-back with their quarterly earnings reports and Cupertino, faced with a steeply declining stock price, posted $54.5 billion in revenue -- just shy of Wall Street estimates. Still, that represents a record quarter for the company which has been rumored to be facing diminished demand for its flagship iPhone. While it may be a while 'til we know for sure if demand for the handset is tapering off, we can report that the 47.8 million iPhones sold in Q1 of 2013 represents a new high water mark. While revenues were a bit shy of estimates, the earnings per share of $13.82 were above what was expected, as was the record $13.08 billion in net profits. Year-over-year, profit was relatively flat ($13.06 billion in 2012), while revenues were up significantly from the $46.33 billion posted in Q1 of 2012.
Carrying the day were record sales of iPhones and iPads -- the latter of which sold 22.9 million units during the quarter, up from 15.4 million a year ago and 14 million last quarter. Other products, however, continued their slow descent towards potential obsolescence. Only 4.1 million Macs and 12.7 million iPods were shipped during the quarter, compared to 5.2 million and 15.4 million, respectively, the same time last year.
As usual, the vast majority of Apple's revenue, $20.3 billion to be exact, comes from the US. But other markets are growing quickly. In particular, revenues from China are up 67 percent year-over-year to 6.8 billion, while Japan and Asia Pacific are up 88 and 89 percent, respectively, just from last quarter.
Through all this Apple has continued to build an enormous war chest, with $196 billion in assets at its disposal. So, should the allure of its brushed aluminum lineup fade, the company should be able to carry on for some time before falling on dire straits. If you'd like to dig in to all the financial details check out the PR after the break and tune in here for updates when the earnings call gets under way at 5PM ET.
Update: The call is done and all the important tidbits are after the break.
Updates:
5:04PM Tim Cook just let us know that "well over half a billion iOS devices" have been sold as of the end of the quarter. That's a pretty decent jump from June's 400 million number.
5:12PM Peter Oppenheimer gave China a special shout out, where he says iPhone sales have doubled.
5:14PM Oppenheimer laid some of the blame for slow Mac sales on delays getting the 13-inch Retina MacBook Pro and iMac to market in some regions.
5:17PM iCloud usage appears to have skyrocketed, with Oppenheimer claiming 250 million accounts now active.
5:20PM Apparently over 75 million iOS devices were sold in this quarter alone. Not too shabby.
5:24PM Tim Cook says that, despite competitors going big, he feels no need to follow their lead. When it comes to smartphone screen sizes, Apple has "picked the right one" he says.
5:34PM Tim Cook admits that, while the short ramp up time for shipping new iMacs may have hurt sales for the quarter, he's sure there "has been some cannibalization" from the iPad.
5:46PM Apple TV, the perpetual Cupertino hobby, is apparently doing quite well, with 2 million units being sold in the quarter -- a jump of 60 percent year-over-year according to Tim Cook.
5:54PM Tim Cook doesn't see cannibalization as a problem necessarily, but as a "huge opportunity." As he explained, if they held back on the iPad due to fear of cannibalizing Mac sales another company would simply come along, fill that niche and eat into Apple's bottom line anyway.
6:02PM Cook just sneaked in a mention that 36 new carriers with LTE will be adding the iPhone 5 next week, including those in countries like Italy, Denmark, and Switzerland.
6:05PM That's all folks, thanks for tuning in.

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