The last quarter of 2009 was full of opportunities and challenges for Apple as far as its iPhone/iPod touch market was concerned. This was the period when Apple had to tackle a lot of aggressive marketing from competitors like Motorola Droid. This was also the time when a reviving economy went into the holiday shopping season increasing the shareholders' expectations. So, how did the company fare in these three months?
In the quarter ending December 26, 2009, Apple posted $15.68 billion in revenue; a 32% growth year-over-year and the highest that the company has ever recorded. The net profit during this quarter grew 49.5% YoY to $3.38 billion. Gross margin was 40.9% up during the same time period. The company sold 8.7 million iPhones (100% growth) and 21 million iPods (8% fall) in this quarter.
There has been a significant change in the accounting process of iPhones this quarter. You might recall a Financial Accounting Standards Board (FASB) announcement last year which removed the requirement for Apple to use a 'subscription accounting' principle for devices like iPhone which are part hardware and part software. In their announcement, Apple noted that they have now retrospectively modified the earlier quarterly figures to reflect these changes.
Here are other interesting points made by Tim Cook, COO Apple during the conference call
- The company now has 283 stores worldwide; 10 more than the previous quarter.
- Cook said Apple could have sold "a lot more" iPhones in the past quarter but instead chose to manage its inventory tightly
- 70% of the Fortune 100 are piloting or deploying the iPhone. Cook says his company "feels great" about this
Has Apple's performance last quarter beaten your expectations? Tell us what you think. Meanwhile, you can also check out Cook's conference call by clicking here (iTunes Link)
[Apple Release via MacRumors]
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