Apple's $6 Billion Profit Beats Estimates

Apple Computer, a technology company that makes iPads, iPhones, iMacs and other gadgets, today reported earnings, and apparently its numbers were very good compared with Wall Street’s expectations.

MarketWatch provides an early look. Apple reported fiscal first-quarter net income of $6 billion, or $6.43 a share, up from net income of $3.38 billion, or $3.67 per share, in the year-ago quarter. Revenue was up 70 percent year over year to $26.74 billion — that’s one heck of an increase.

Update: Did you want to know how many iPhones and iPads Apple sold? Let’s look at Barron’s!

The company sold 16.24 million iPhones, 7.33 million iPads, 4.13 million Macs, and 19.45 million iPods.

The Street had been modeling 15.5 million iPhones, 6.2 million iPads, 4.2 million Macs, and 19 million iPods.

Let’s break that down: that means Apple beat Wall Street expectations on everything but Macs — but who cares about Macs when there are iPads to sell?!

The first-quarter earnings report is an important one for Apple, because it contains sales made during the lucrative (for Apple, not necessarily consumers) holiday season.

After falling about 7 percent early in the day, apparently over concerns about the health of Mr. Jobs, shares recovered to a 2.3 percent loss at the close, and were lately up around 4 percent after a brief halt in after-hours trading.

mtaylor [at] observer.com | @mbrookstaylor

Apple's $6 Billion Profit Beats Estimates