Apple releases record earnings, announces Lion launch

Apple reported a record breaking quarter with $28.57 billion in revenues and $7.79 EPS versus $15.7 billion in revenue and $3.51 EPS a year ago.

“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.”

The iPhone and iPad were the two areas with the largest growth, as iPhone sales were up 142 percent year over year, and the iPad grew 183 percent from 2010.

Sales for Apple’s key products are as follows:

• 20.34 million iPhones, up 142%.
• 9.25 million iPads, up 183%.
• 3.95 million Macs, up 14%.
• 7.54 million iPods, a 20% unit decline.

Apple’s quarterly EPS beat the average forecast by 33 percent, versus the last two quarters when the company beat estimates by about 20 percent. The blockbuster quarter sent shares to a new high of over $400 after a brief after-hours trading suspension.

Apple also announced during the conference call the Mac OS X 10.7 Lion will be released tomorrow Wednesday, July 20th.

Originally posted 2011-07-20 04:32:51.