|Apple reported its fourth-quarter results after the markets closed Tuesday.|
The Quarter That Was
We're thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter. The new iPad is off to a great start, and across the year you're going to see a lot more of the kind of innovation that only Apple can deliver.Our record March quarter results drove $14 billion in cash flow from operations," said Peter Oppenheimer, Apple's CFO. "Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68."
Bottom LineThese results suggest several things. Not least is that, as dominant as Apple has been over the years, it is just now on the cusp of a huge achievement: It has a product in the iPhone that has gained not only a strong and steady demand around the globe, but continues to grow at a remarkable rate. The question is, why did anyone ever doubt that it could produce these results? In my article on Tuesday, I closed with the following:
While some investors may have indeed opted to apply the "bird in the hand" theory and cash in ahead of the company's announcement, it would not surprise me in the least bit to see Apple reward investors that are still holding with a few more surprises as it did when it announced its dividend. At current levels I will be buying Apple on any signs of weakness before or after the announcement, because not only am I a connoisseur for profits, I also enjoy what is interesting.And, just so we understand each other, I'm not saying I told you so - I refuse to do it.