This afternoon Apple reported more ridiculous earnings and ridiculous revenue numbers. To be exact, the company said that it earned a profit of $7.31 billion in its fiscal 2011 third quarter on revenue of $28.7 billion.
Apple also reported that it sold 9.25 million iPads during the quarter, which I suppose only goes to prove that the media gurus were right all along to dismiss the tablet as a worthless toy, without any meaning for publishers.
Obviously I'm kidding (somewhat). But only because it still bothers me how many newspaper executives are willing to continue to listen to fools who have been proven wrong time and time again. Like it or not guys the tablet, especially Apple's tablet, is here to stay. Get in the game, or go home.
“We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent,” Steve Jobs, Apple’s CEO, said in the company's press release. “Right now, we’re very focused and excited about bringing iOS 5 and iCloud to our users this fall.”
Indeed, now comes the fun stuff: Lion is to be released tomorrow in the Mac App Store (no more CDs), iOS 5 and iCloud, along with a new version of the iPhone, in the fall.
Oh, and did I mention that Apple sold 20.34 million iPhones this quarter? I probably didn't need to as that will probably get the headlines. But for me the more startling number is this one: in this economic environment Apple increased revenue by 82 percent year over year.
Innovating does have its rewards.
Also reporting earnings this afternoon was Yahoo. While analysts may be disappointed that revenue did not hit their expectations, it did rise 5 percent – $467 million version $445 million in 2010.
I know a number of media executives that would give their left leg to be able to report any overall revenue increase this quarter.
Yahoo CEO Carol Bartz from the earnings press release: "For the quarter, earnings per share was up by 18% year over year. We made clear progress in search, and saw strong growth in engagement on our media properties."
"We experienced softness in display revenue in the second half of the quarter due to comprehensive changes we have made in our sales organization to position ourselves for more rapid display growth in the future."