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Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Home Business Business Home Economy Davos 2012 Technology Media Small Business Legal Deals Earnings Summits Business Video The Freeland File Markets Markets Home U.S. Markets European Markets Asian Markets Global Market Data Indices M&A Stocks Bonds Currencies Commodities Futures Funds peHUB World World Home U.S. Brazil China Euro Zone Japan Mexico Russia India Insight World Video Reuters Investigates Decoder Politics Politics Home Election 2012 Issues 2012 Candidates 2012 Tales from the Trail Political Punchlines Supreme Court Politics Video Tech Technology Home MediaFile Science Tech Video Tech Tonic Opinion Opinion Home Chrystia Freeland John Lloyd Felix Salmon Jack Shafer David Rohde Bernd Debusmann Nader Mousavizadeh Lucy P. 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Credit: Reuters/Aly Song By Poornima Gupta SAN FRANCISCO | Tue Jan 24, 2012 8:57pm EST SAN FRANCISCO (Reuters) - Apple Inc's quarterly results blew past Wall Street's expectations after U.S. consumers snapped up near-unprecedented numbers of iPhones and iPads, sending its shares up 8 percent into record territory. The world's most valuable technology corporation returned to form after a rare miss in the previous quarter, assuaging investors' worries that its sheer size meant it was headed into a period of slower growth. It sold 37.04 million iPhones - its flagship product - and 15.43 million iPad tablets, doubling from a year earlier and easily outpacing already heightened expectations for a strong holiday season. That helped swell its warchest of cash and securities to almost $100 billion - more than enough to plug December's U.S. budget deficit and level with California's 2012/13 spending plan. The company founded by late Silicon Valley titan Steve Jobs - who died in October after a years-long battle with cancer - smashed estimates on all its results including gross margin, which came in at 44.7 percent during the quarter. Apple reported a net profit of $13.06 billion, or $13.87 a share, handily outstripping an average Street forecast of $10.16 per share. The beat alone - by more than $3 a share, or $3.5 billion - would be a respectable sales figure for many smaller tech companies. "Going into 2012, I expect strength of iPhone, iPod Touch and iPad should carry on into the year. Apple still has some tailwind, including opening up new retail stores and expanding its distribution channels," said Hendi Susanto at Gabelli & Co. "I would say Apple still has many unpenetrated international markets ... Apple is still far from its saturation. The results allayed lingering doubts about the ability of new Chief Executive Tim Cook to lead the company that Jobs built from a garage project into a global leader. This was the first full quarter for Apple without its legendary cofounder. But the big quarter fueled Wall Street's impatience with Apple's $97.6 billion in cash and short-term and long-term marketable securities. Several analysts zeroed in on that war chest during the conference, quizzing both Cook and Chief Financial Officer Peter Oppenheimer about Apple's plans for that immense cache. Oppenheimer said it was "actively discussing" the cash balance but didn't have anything to announce. Neither Cook nor Oppenheimer offered clues as to what the company was thinking on a possible dividend or stock buyback - a constant on investors' most-wanted lists - but hinted that Apple may invest in its supply chain or in acquisitions. "While one might be tempted to conclude they will go on a buying spree, we think that is likely not the case," said Michael Yoshikami, CEO of YCMNET Advisors, which owns Apple shares. "We are looking for Apple to pay a one-time distribution rather than an ongoing dividend." Apple's revenue leapt 73 percent to $46.33 billion, handily beating the average Wall Street analyst estimate of $38.91 billion, according to Thomson Reuters I/B/E/S. Sales in the United States were particularly strong, with revenue rising 90 percent in the Americas region. Sales in Europe were up 55 percent even though the region is in the grip of a debt crisis that has pummeled consumer confidence. MONSTER QUARTER Shares in Apple jumped 8 percent to about $452 in extended trade following the earnings report. The stock - which set a record high of $427.75 just this month - had closed at $420.41 on the Nasdaq. Several analysts had warned that Apple might face a rougher ride than usual in 2012. Google Inc's Android - a free software to run smartphones, adopted heavily by Samsung Electronics, Motorola and others - is chipping away at Apple's market share. A host of tablets from Amazon.com Inc, among others, offers buyers viable alternatives. And then there are the inherent difficulties in maintaining growth momentum. In fiscal 2011, Apple tacked on $43 billion to its revenue, which analysts likened to birthing a Fortune 500 from scratch - every year. Its market value stood just shy of $400 billion, rivaling Exxon Mobil for the title of largest U.S. corporation. Still, some analysts said the stellar fiscal first quarter suggested such fears were premature, particularly given a 2012 pipeline that many expect to include the third iteration of the market-leading iPad and a fifth-generation iPhone that will trigger a new round of consumer mania. "Customer demand was off the charts in the quarter," Oppenheimer told Reuters in an interview. Average projections for sales of Apple products during the fiscal first quarter, which includes the holiday shopping season and one more week than is typical, were for roughly 31 million iPhones, 13.5 million to 14 million iPads and 5 million Mac computers. On Tuesday, Apple also forecast results for its fiscal second quarter that were ahead of analyst estimates. It expects revenue of about $32.5 billion and diluted earnings per share of about $8.50. Wall Street had expected earnings of $8.04 per share on revenue of $32.1 billion in the fiscal second quarter. "It sets up Apple well for the rest of the year," said Canaccord Genuity's Michael Walkley. "They are still ramping up the new geographies like the iPhone 4 in China, which they just started selling in January and we'll see in March results." "IPhones and Siri (voice-activated software) still driving strong. An iPhone 5 for the end of the year with a new form factor and with LTE (next-generation mobile technology) will drive another set of gains in 2012," he added. (Reporting by Poornima Gupta and Edwin Chan; Editing by Gary Hill) Tech Hot Stocks Asian Markets Media iPad Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (2) jscott418 wrote: Edition: U.S. Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom Back to top Reuters.com Business Markets World Politics Technology Opinion Money Pictures Videos Site Index Legal Bankruptcy Law California Legal New York Legal Securities Law Support & Contact Support Corrections Advertise With Us Connect with Reuters Twitter Facebook LinkedIn RSS Podcast Newsletters Mobile About Privacy Policy Terms of Use Our Flagship financial information platform incorporating Reuters Insider An ultra-low latency infrastructure for electronic trading and data distribution A connected approach to governance, risk and compliance Our next generation legal research platform Our global tax workstation Thomsonreuters.com About Thomson Reuters Investor Relations Careers Contact Us Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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