Apple Announces Fiscal Q1 Profit of $13.1B, Sells 51M iPhones, 26M iPads

It’s the time again; Apple has released its earrings report for fiscal Q1 2014 and the numbers are staggering. The company recorded $13.1 billion in profit ($14.50 EPS) on revenue of $57.6 billion. During the quarter, Apple sold 51 million iPhones and 26 million iPads (both figures were records, with the year-ago figures standing at 47.8 million and 22.9 million respectively).
 
Analysts were expecting revenue of $57.4 billion and EPS of $14.09. Analysts were also looking for Apple to sell roughly 55 million iPhones and 24.5 million iPads during the quarter. Apple missed by quite a bit on iPhones and came out slightly ahead on iPads.
 
While iPhones and iPads tend to gather much of the spotlight when it comes to Apple, the company does have other product lines as well. The company’s Mac computers — which recently celebrated its 30th birthday — saw sales increase from 4.1 million units a year ago to 4.8 million units for fiscal Q1 2014.

Apple CEO Tim Cook [Image Source: Mashable]  
“We are really happy with our record iPhone and iPad sales, the strong performance of our Mac products and the continued growth of iTunes, Software and Services,” said Apple CEO Tim Cook. “We love having the most satisfied, loyal and engaged customers, and are continuing to invest heavily in our future to make their experiences with our products and services even better.”
 
Apple expects revenue for Q2 to come in at $42 billion to $44 billion. It also expects gross margins to fall between 37 percent tot 38 percent.
 
AAPL is currently down nearly 6 percent in after hours trading following the earnings release.