8.7 Million iPhones Sold in Q1 2010 -- Apple Financial Results
Apple today announced their Q1 2010 financial results, covering the all-important holiday quarter, with 8.7 million iPhones sold, and a 55% increase in iPod touch sales. Total revenue was $15.68 billion, and cash-on-hand is now approaching a whopping 39.8 billion! Says CEO, Steve Jobs:
“If you annualize our quarterly revenue, it’s surprising that Apple is now a $50+ billion company,” said Steve Jobs, Apple’s CEO. “The new products we are planning to release this year are very strong, starting this week with a major new product that we’re really excited about.”
Way to iTablet tease us there, big fella.
During the conference call that followed, CFO, Peter Oppenheimer and COO, Tim Cook revealed:
- 17 new carriers for the iPhone, including Bell Canada, Telus Canada, Orange Canada, China Unicom, Korea
- iPhone "very strong" in Japan, Australia, UK, Germany
- Business users ranked iPhone #1 in satisfaction according to JD Power
- 70% of Fortune 100 businesses piloting or deploying iPhone
- New accounting methods mean $25 of iPhone revenue deferred for "updates"
- Apple defended AT&T, said they have higher broadband usage than any other carrier, great experience for many customers, and have shared with Apple plans to improve problem cities
- 2.7 million iPhones in channel, including in-transit, invoiced to carriers, demos.
- 200,000 iPhones activated in China. Ramping slowly to ensure customer experience.
- Nothing on Nokia lawsuit.
- 90% of iPhone Apps approved in 14 days. Apple wants to protect privacy, prevent porn, defend children. Most frequent cause of rejection is bugs in app.
- Cook: Noise about App Store frustration may be higher than reality (orly?)
- Could anything equal Mac, iPod, iPhone for Apple? Wait for Wednesday!
- iPhone 3GS features accelerated corporate adoption (hardware encryption?)
- Adding carriers in existing countries earned incremental growth.
- Quattro Wireless was acquired to provide developers, especially those who develop free apps, a seamless way to earn money.
- iTunes/App Store still run just above break even, Apple reinvests revenue to maintain and improve customer experience as it scales.
- Japan iPhone growth 400%, Asia Pac iPhone growth 500%
- On Google: Apple competes with Google in some areas, works with them in others.
For more from the conference call, check out TiPb's live coverage!