trs96
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The Really Big Apple
They've gone from about 1.6 billion of revenue a quarter in 1997 to 111.4 bilion in the latest earnings report. Imagine if you could tell someone at Apple this news from 2021 back in latter 1997. That in about 23 years they would be selling $100 billion + a quarter of products and services at that time. They would laugh you right out of the office you were in. Many expected them to file for bankruptcy.
If you were at all aware of what Apple was going through in the latter 1990s this is probably the biggest corporate turnaround in history. Yesterday they reported sales of over 111 billion dollars for the quarter.
Apple reported its largest revenues in a single quarter, exceeding the $100 billion milestone for the first time, driven by strong sales in every product category, especially 5G iPhone sales. The iPhone maker’s earnings and revenues also surpassed the Street's estimates.
Apple’s (AAPL) 1Q earnings of $1.68 per share increased 34.4% year-over-year and crushed analysts’ expectations of $1.42 per share. Sales jumped 21.3% to $111.4 billion year-over-year, topping the consensus estimates of $103.2 billion.
Top-line performance was fueled by iPhone sales growth of 17% year-over-year, which generated $65.6 billion and beat analysts’ expectations of $59.8 billion. Apple released 4 new iPhone 12 models with 5G capabilities. The company’s Mac sales grew 21% to $8.68 billion but marginally missed the Street consensus of $8.69 billion. Meanwhile, iPad revenues soared 41% to $8.44 billion year-over-year and exceeded analysts' estimates of $7.46 billion.
Now compare this October 15, 1997 report to what Apple is doing right now in 2021.
Trouble-plagued Apple Computer Inc. said Wednesday its net loss for the fiscal fourth quarter exceeded Wall Street's consensus estimates.
For the quarter ended Sept. 26, the Cupertino, Calif. based computer maker reported a loss of $161 million, or $1.26 a share, compared with a net profit of $25 million, or 20 cents a share, in the same quarter a year ago. Revenue declined 30 percent to $1.6 billion.
Included in the current quarter's results are a $62 million charge to increase its restructuring reserves, as well as a $75 million write-off related to the company's purchase of the Mac OS license from Power Computing Corp.
Without the charges, the company's net loss for the quarter would have been $24 million, or 19 cents a share -- still exceeding the 14 cents a hare that analysts expected.
"We remain focused on our primary goal of returning Apple to sustainable profitability," said Chief Financial Officer Fred Anderson.
"Our goal for fiscal 1998 is to continue to reduce Apple's break-even point through a combination of further expense reductions and gross margin improvements," Anderson said in a statement.
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