SAN FRANCISCO—Apple Inc. Wednesday posted first quarter results that beat consensus analysts' expectations and said it sold a record number of iPhones during the quarter. But the company reported selling fewer iPads than analysts expected, possibly due to supply chain issues related to the March 11 earthquake in Japan.
Apple (Cupertino, Calif.) reported record second quarter revenue of $24.67 billion, a decrease of 8 percent compared with the fourth quarter of 2010, but up nearly 83 percent compared with the first quarter of 2010. The company reported a record second quarter net profit of $5.99 billion, or $6.40 per diluted share, flat with the previous quarter and up 95 percent compared to the year-ago quarter.
Apple said its gross margin for the quarter was 41.4 percent, down from 41.7 percent in the year-ago quarter.
International sales accounted for 59 percent of Apple's first quarter revenue, the company said.
Consensus analysts' expectations called for Apple to report revenue of $23.34 billion and earnings of $5.36 per share, according to Yahoo Finance.
Apple said it sold a record 18.65 million iPhones in the quarter, representing 113 percent unit growth over the year-ago quarter. The company reported selling 3.76 million Macs during the quarter, a 28 percent unit increase over the year-ago quarter.
Apple sold 9.02 million iPods during the quarter, representing a 17 percent unit decline from the year-ago quarter, the company said.
But Apple said it sold only 4.69 million iPads during the quarter, fewer than analysts had projected in the wake of the high-profile introduction of the second-generation iPad 2. Apple has reportedly faced supply issues with iPad 2 components in the wake of the March 11 earthquake off the coast of Japan.
The Reuters news service reported that Apple chief financial officer Peter Oppenheimer said Apple sold "every iPad 2 we could make." Oppenheimer also told Reuters that demand for iPad 2 was "stunning."
“With quarterly revenue growth of 83 percent and profit growth of 95 percent, we're firing on all cylinders," said Steve Jobs, Apple's CEO, in a statement. Jobs has been on medical leave since January.