Apple Q1 profits grow as iPhone shipments boom

Apple on Monday reported growth in revenue and net income for the first quarter of 2010, buoyed by strong iPhone and Mac shipments.

The company reported a net profit of $3.38 billion for the quarter ended Dec. 26, compared to $2.26 billion in the first quarter of 2009. The company reported earnings per share of $3.67, which beat estimates of $2.09 from analysts polled by Thomson Reuters.

The company reported revenue of $15.68 billion, which was higher than the $11.88 billion in revenue in last year's quarter.

Apple shipped 8.7 million iPhones in the quarter, a growth of 100 percent over the first quarter a year ago. Apple shipped 3.36 million Macintosh computers during the quarter, a 33 percent increase over the year-ago quarter. However, iPod shipments declined by 8 percent during the quarter to 21 million units.

Apple estimated revenue for the second quarter of 2010 to be in the range of $11 billion to $11.4 billion, and earnings per share of $2.06 to $2.18. Analysts are estimating second-quarter revenue to be around $10.37 billion.

"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," said Apple CEO Steve Jobs in a statement. Apple is scheduled to hold an event on Jan. 27 where it may launch a tablet device, which observers say could be a handheld device with a touch screen for users to view Internet content, play games and watch television.

During the first quarter Apple adopted a new accounting standard that changes how the company accounts for items including the sales of iPhones and Apple TV.

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Copyright © 2010 IDG Communications, Inc.

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