Apple Inc. â? S (AAPL) first quarter 2010 earnings, margins and profits were much better than expected. The results were a record in companyA? S and history has exceeded expectations on all fronts. Apple? S 2nd hand rose 69% to close at $ 203. 07 and up 1% after hours. AAPL has shown impressive results with strong sales of Mac and iPod powered. We believe that the company continues to post solid results due to the continued expansion of its line of Mac computers, has increased its sales of iPods and the continued growth of sales of the iPhone.

The results for the quarter amounted to U.S. $ 3 67 per share, against the Zacks consensus estimate of $ 2 08 from 1 € 59 and increase companyA? S own guidelines 1 $ 70 $ 1 78 per share. AAPL 46th earnings rose 8% 2 $ 50 per share reported for the period last year.

A sharp increase offset by higher revenues in the quarter, which increased from 32% up to $ 15. 68 billion the strongest sales growth in the companyA? S history. Revenue growth was driven by enormous shipments were up strong sales of Mac and iPod as the company sold it rolled into new international markets such as China, Hong Kong via China Unicom Ltd. (CHU) .

Apple sales grew in all regions, including the United States and Europe. International sales accounted for 58% of total revenue in the quarter, the company added large markets such as Japan, Australia, Great Britain, France and Germany.

AAPL is on the shelf Apple January 27 to reveal that will boost the fortunes of the company further. We continue to believe that AAPL will exceed his colleagues for their iPhone sales strong and the introduction of new products.

Operating Performance

The company currently enjoys a positive change in mix of higher margin on the iPhone / iPod business of traditional MP3 player, as a result, gross margin increased to 40. 9%, an increase of 300 basis points per year. The company also benefited from the ramp of new products. We plan to send AAPL higher margins due to higher sales and the continued shift in mix in the coming quarters.

Operating margin for the quarter ended 30th 1%, the highest in the companyA? S history and better than companyA? S expectations. This is due to higher than expected sales and gross margin.

AAPL? S balance sheet remains strong. Cash and investments totaled USD 39 8 billion at the end of the quarter, compared to 34 U.S. dollars. 0 billion in the previous quarter. AAPL has generated cash flow of 5 $ 8 billion in the quarter, compared to U.S. $ 3 1 billion generated during the previous quarter.

Accounting Issues

Management also noted that a decision is likely by the FASB in September last year for subscription accounting rules that require companies to recognize the contribution of the iPhone and Apple TV when sale of the product’s estimated life expectancy. New accounting rules will be adopted on retroactive. Therefore, the financial results each quarter of fiscal 2007 to fiscal year 2009 have been revised. The company filed an amended 10-K for fiscal 2009 to a retroactive application of new principles of previous years into account. Under the new accounting rules AAPL is no guarantee or financial measures not in accordance with GAAP.

Quarterly Highlights of AAPL

Mac â? Â? AAPL 3rd shipped a record 36 million Macintosh computers during the quarter, 33% unit increase from year to year because of increased demand for the new MacBook, iMac, launched in October, which had contributed 70% of year sales growth of annual sales office. In comparison, the overall market for personal computers grew 17% yoy during the quarter in December, released on the basis of the latest forecast from IDC. The retail sold a record 689,000 Mac during the quarter, compared to 515,000 Macs in the same quarter last year. Sales of Mac notebooks grew 18% yoy on strong sales of MacBook Pro, for a very important result.

iPods â? â? AAPL has sold 21 million iPods during the quarter, down 8% unit over the same quarter last year. However, the iPod touch has worked very well during the quarter, growth of 55% over the previous year, resulting in an overall increase of 9% ASP iPod and a growth of 1% on the quarter. According to NPD, from Apple’s MP3 players in the United States, over 70% in the month of December and has been the best selling MP3 player iPod. The company continues to gain market share from year to year to year in most international markets.

iTunes? â? The iTunes Store a record quarter with strong sales of music, videos and applications delivered. The iTunes Store features more than 11 million songs, while the App Store is an unprecedented success with more than 3 billion downloads to date of iPhone users and iPod Touch in 77 countries. iPhone? â? The iPhone is still a great success for AAPL.

iPhone models were sold 8th 7 million in the quarter, the unit 100% growth over the same quarter last year. The value of iPhones were sold during the quarter, more than 4 $ 5 billion, resulting in an ASP of about $ 620. AAPL has 17 new carriers in the quarter.

Outlook

For the second quarter of fiscal 2010 plans AAPL revenue of about $ 11 U.S.. 0 billion to $ 11 U.S.. 4 billion, an increase of 23% over the same period last year. The results are expected to range from $ 2. 06 for 2 $ 18 per share, compared to 1 Increased by $ 79 for the same quarter last year by new accounting standards. The company has always been very conservative forecast.

Gross margin should be around 39th 0%. Operating expenses are expected to reach about $ 1 46 billion while other income and expenses is expected to approximately 30 million dollars, so that short-term rates of interest. The tax is expected that approximately 29%.

We expect AAPL to report better results for fiscal 2010. While AAPL has several positive aspects, we believe that the companyA? S solid growth has already been calculated in his actions was, although the momentum could lead to something much more. We therefore recommend that shareholders who hold shares. We have a long-term rating to neutral AAPL.

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