Apple Q1 Results: It’s Another Blockbuster With More Sales, More Revenues, More Profits

Apple’s first quarter of 2010 was another blockbuster, and Steve Jobs is talking about a major new product this week that he’s “really excited about.”

In financial results reported Monday, Apple says it earned “all-time highest revenues and profits.” The company made revenues of $15.68 billion and profits of $3.38 billion on sales of 3.36 million Macs and 8.7 million iPhones.

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

Everything except sales of iPods (which are down 8%) is in record territory   — iPhone sales are up 100% and Macs up 33%.

Here are the highlights:

* 3.36 million Macs sold (33% unit increase over year-ago quarter).

* 8.7 million iPhones sold (100% unit growth).

* 21 million iPods sold (8% unit decline).

* $15.68 billion revenue ($11.88 billion in the year-ago quarter).

* $3.38 billion net quarterly profit, or $3.67 per diluted share. ($2.26 billion, or $2.50 per diluted share, last year).

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* 40.9% gross margin was (37.9 percent in the year-ago quarter).

* International sales accounted for 58 percent of revenue.

Apple’s a money machine. The 41% gross margin is unbelievable, especially in a recession. Competitors atre lucky to make 5% margins.

It’s also worth noting that a big bump in revenue came from Apple’s adoption of new accounting practices. Revenue from sales of iPhones and Apple TVs are now recognized immediately, rather than being spread over two years. Apple used subscription accounting for iPhones and Apple TVs so that it could provide free software upgrades without running afoul of accounting rules.

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