Apple Announces Q1 2010 Earnings – It’s Now a $50+ Billion Company

Apple just announced today its fiscal Q1 2010 earnings. Let me tell you, it’s been a great quarter. Now, while the financial figures are excellent, it’s what Apple CEO Steve Jobs said that has the web abuzz. Jobs stated in the press release:

“If you annualize our quarterly revenue, it’s surprising that Apple is now a $50+ billion company. 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.”

Of course, we all know what “major new product” he’s referring to, right? Cough, Apple Tablet. Enough said.

Anyway, let’s get on with the financial figures. According to the press release, Apple posted posted revenue of $15.68 billion and net profit of $3.38 billion, that equals to $3.67 per diluted share. This means, revenue went up by $3.8 billion from the $11.88 billion last year and profit increased $1.12 billion. Gross margin was 40.9 percent, up from 37.9 percent versus one year ago.

As far as sales go, Apple sold 3.36 million Mac computers in the quarter, that’s a  33% increase compared to a year ago. As far as iPhones go, the company sold 8.7 million units in the same quarter, that’s a 100% increase from the previous year. iPods, on the hand, declined by 8% this year with only 21 million iPods sold. This generated $5.8 billion in cash in the 3 month period.

As Steve Jobs said it, Apple has now become a “$50+ billion company.” We expect that Apple Tablet and the iPhone losing exclusivity with AT&T to bring even more income.

You can listen to Apple’s conference call here.