Apple Q4 Report Beats Market Estimates With Record iPod Sales

Authored by Jay Baage on October 18, 2006 - 1:11pm.

While increased competition on digital music front is coming, Apple’s Chief Executive Steve Jobs can continue to smile all the way to the bank for at least a little longer. Apple shipped 8.7 million iPods in the fiscal fourth quarter 2006, up 35 percent from the year-ago period. A good back-to-school season also helped Apple ship a record 1.6 million computers, up 30 percent from a year earlier. This lead to good financial results that beat market estimates and pushed to Apple shares up in extended trading.

Revenue for the quarter totaled $4.84 billion, a 32 percent jump from $3.68 billion last year. The average estimate by analysts was for earnings of 51 cents per share on sales of $4.66 billion, according to Thomson Financial. However, some of the earnings might be eroded when Apple later restates some quarterly reports due to earlier mishandling of stock options accounting. The restatements could lead to a "significant adjustment," Apple said Wednesday.

Apple shares rose 24 cents Wednesday to close at $74.53 on the Nasdaq Stock Market. In extended trading, the stock jumped to $78.90.

Comments

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