Apple Inc (AAPL)

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Apple Shares Soar Past $400 After Strong Earnings Report (WSJ)

http://blogs.wsj.com/marketbeat/2011/07/19/apple-shares-soar-past-400-after-strong-earnings-report/

By Dave Kansas



Apple’s shares are trading above $400, up more than 6%, in after-hours trading following a blow-out earnings report.

The iEverything company seemed to hit on every cylinder. Fears of weak iPhone sales didn’t materialize, with more than 20 million units sold. That’s probably something that will cheer Verizon and AT&T.

Here’s a breakdown in revenue. Americas revenue was $10.13 billion, Europe brought in $7.1 billion, Japan $1.51 billion, Asia-Pacific (ex-Japan) $6.33 billion. This spread illustrates why Apple has talked more about getting bigger in China.

Mac sales rose 14% compared with a year earlier, outperforming a moribundish PC market.

Gross margins edged up to 41.7% from 39.1%.

Some comments for the Apple faithful:

“We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent,” said Steve Jobs, Apple’s CEO. “Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall.”

“We are extremely pleased with our performance which drove quarterly cash flow from operations of $11.1 billion, an increase of 131 percent year-over-year,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50.”

And more on that ginormous $76 billion cash pile over at Deal Journal.