This news headline from Marketwatch should make Tom happy:
Apple profit rises 26% as iPod, Mac sales jump iPhone sales reach almost 7 million units By Rex Crum, MarketWatch Last update: 5:16 p.m. EDT Oct. 21, 2008 SAN FRANCISCO (MarketWatch) -- Apple Inc. on Tuesday reported a fiscal fourth-quarter profit that rose 26% from a year ago on revenue of almost $8 billion and increases in sales of its Macintosh computers, iPods and iPhones. Although earnings topped Wall Street analysts' estimates, AAPL 91.36, -7.08, -7.2%) kept with its tradition and delivered a first-quarter outlook that fell below analysts' forecasts, potentially setting the company's stock up for a big decline on Wednesday. Chief Financial Officer Peter Oppenheimer said in a statement that for Apple's fiscal first quarter, the company expects to earn between $1.06 and $1.35 a share on revenue in a range of $9 billion to $10 billion, for what is typically Apple's busiest business period. Such results could end up below what Apple reported in the same quarter a year ago, when it earned $1.58 billion, or $1.76 a share, on $9.6 billion in sales. However, analysts surveyed by FactSet Research had forecast Apple to earn $1.65 a share on $10.6 billion in sales. While Apple is known for exceeding both its own, and Wall Street's estimates, the low-ball outlook, combined with the uneasiness about consumer spending during the holiday season, could drum up more negativity than usual around Apple's stock and its potential for growth next year. Oppenheimer said that Apple would remain "prudent" with its outlook because in the current economic environment, "visibility is low and forecasting is challenging." And Chief Executive Steve Jobs, who typically comments only about how well Apple has done, even gave an opinion about how the current economic uncertainty might affect the company. "We don't yet know how this economic downturn will affect Apple," Jobs said. "But we're armed with the strongest product line in our history. Jobs also said Apple is sitting on "$25 billion of cash safely in the bank with zero debt." For its fourth quarter, Apple said it earned $1.14 billion, or $1.26 a share, on revenue of $7.9 billion, up from of $904 million, or $1.01 a share, on $6.22 billion in sales in the same period a year ago. The results beat the earnings estimates of analysts surveyed by FactSet Research, who forecast Apple to earn $1.10 a share on revenue of $8.02 billion. Apple also exceeded its own estimates for a profit of $1 a share on $7.8 billion in sales. Apple said that when adjusting to eliminate the impact of subscription-based accounting related to certain products, it would have earned $2.44 billion on $11.68 billion in sales. During the quarter that ended Sept. 27, Apple said it sold 2.6 million Mac computers, along with 11 million iPod digital media players. Apple also said it sold 6.9 million iPhones during the quarter, which included the release of the new 3G iPhone, in July. Jobs called the iPhone sales "spectacular" and took a shot at one Apple rival, saying, "We sold more phones than RIM," referring to BlackBerry maker Research In Motion Ltd. End of Story Richard P. ************************************************************************* ** List info, subscription management, list rules, archives, privacy ** ** policy, calmness, a member map, and more at http://www.cguys.org/ ** *************************************************************************
