Tag Archives: Tim Cook

Apple reports 2012 Q4 earnings: $8.2b profit, $36b revenue, Macs up 1%, iPhones up 58%, iPads up 26%, iPods down 19%

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On Thursday Apple reported its fourth quarter financial results, and it’s another record-breaker for the company. Apple posted a $8.2 billion profit on $36 billion in revenue. Compare this to one year ago, that’s up from a profit of $6.62 billion on $28.72 billion in revenue. Says CEO Tim Cook: “We’re very proud to end a fantastic fiscal year with record September quarter results. We’re entering this holiday season with the best iPhone, iPad, Mac and iPod products ever, and we remain very confident in our new product pipeline.”

Now let’s break it down by product category. Apple sold 4.9 million Macs during the quarter (representing a 1 percent unit increase over the year-ago quarter); 26.9 million iPhones (representing an 58 percent unit growth); 14 million iPads (representing a 26 percent unit growth); and 5.3 million iPods (representing an 19 percent unit decline). Their “hobby” known as Apple TV sold 1.3 million units generating revenue that Cook admits is “quite small” but he is still dedicated to the streaming product.

Looking ahead to the first fiscal quarter of 2013, Apple CFO Peter Oppenheimer expects revenue of about $52 billion and diluted earnings per share of about $11.75.

[Via Apple; Engadget]

Apple reports 2012 Q3 earnings: $8.8b profit, $35b revenue, Macs up 2%, iPhones up 28%, iPads up 84%, iPods down 10%

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On Tuesday Apple reported its third quarter financial results, and while this wasn’t a typical record-setting quarter, it was one the company still remains confident about. Apple posted a $8.8 billion profit on $35 billion in revenue.  Compare this to one year ago, that’s up from a profit of $7.3 billion on $28.6 billion in revenue.  Says CEO Tim Cook: “We’re thrilled with record sales of 17 million iPads in the June quarter. We’ve also just updated the entire MacBook line, will release Mountain Lion tomorrow and will be launching iOS 6 this Fall. We are also really looking forward to the amazing new products we’ve got in the pipeline.”

Now let’s break it down by product category.  Apple sold 4 million Macs during the quarter (representing a 2 percent unit increase over the year-ago quarter); 26 million iPhones (representing an 28 percent unit growth); 17 million iPads (representing a 84 percent unit growth); and 6.8 million iPods (representing an 10 percent unit decline).

Looking ahead to the fourth quarter, Apple CFO Peter Oppenheimer expects revenue of about $34 billion and diluted earnings per share of about $7.65.

[Via Apple]

Apple reports 2012 Q2 earnings: $11.6b profit, $39.2b revenue, Macs up 7%, iPhones up 88%, iPads up 151%, iPods down 15%

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On Tuesday Apple reported record March quarter results and they go like this. Apple posted a $11.6 billion profit on $39.2 billion in revenue.  Compare this to one year ago, that’s up from a profit of $6.0 billion on $24.7 billion in revenue.  Says CEO Tim Cook: “We’re thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter. The new iPad is off to a great start, and across the year you’re going to see a lot more of the kind of innovation that only Apple can deliver.”

Now let’s break it down by product category.  Apple sold 4 million Macs during the quarter (representing a 7 percent unit increase over the year-ago quarter); 35.1 million iPhones (representing an 88 percent unit growth); an impressive 11.8 million iPads (representing a 151 percent unit growth); and 7.7 million iPods (representing an 15 percent unit decline).

Following this announcement, Apple stock (AAPL) jumped significantly to $610 (a +50 increase), just surpassing Google’s stock that was at $609 that day. Today APPL has cooled down a bit and rests at $603 and Google has taken the lead once more and holds steady at $614.98.

Looking ahead to the third quarter, Apple CFO Peter Oppenheimer expects revenue of about $34 billion and diluted earnings per share of about $8.68.

[Via Apple]

Apple reports 2012 Q1 earnings: $13.06b profit, $46.33b revenue, Macs up 26%, iPhones up 128%, iPads up 111%, iPods down 21%

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Apple’s 2012 first quarter financial results are in and it’s reporting record breaking numbers here including highest quarterly revenue and earnings ever and all-time record sales for the Mac, iPhone, and iPad. Apple posted a $13.06 billion profit on $46.33 billion in revenue.  Compare this to one year ago, that’s up from a profit of $6 billion on $26.74 billion in revenue.  Says CEO Tim Cook: “We’re thrilled with our outstanding results and record-breaking sales of iPhones, iPads and Macs. Apple’s momentum is incredibly strong, and we have some amazing new products in the pipeline.”

Now let’s break it down by product category.  Apple sold 5.2 million Macs during the quarter (representing a 26 percent unit increase over the year-ago quarter); an impressive 37.04 million iPhones (representing a 128 percent unit growth); 15.43 million iPads (representing a 111 percent unit growth); and 15.4 million iPods (representing an 21 percent unit decline).

Other interesting facts to come out of the earnings call… Apple sold 1.4 million units of Apple TV, its designated “hobby” in the TV space; the company’s latest effort to revolutionize the education market has started off strong seeing over 600,000 downloads of iBooks Author from the Mac App Store; there are currently over 85 million people using Apple’s iCloud services; and CEO Tim Cook admitted this: “There is cannibalization of the Mac by the iPad, but we think there’s more cannibalization of Windows PCs by the iPad – we love that trend.” Oh snap, indeed.

Looking ahead to the second quarter, Apple CFO Peter Oppenheimer expects revenue of about $32.5 billion and diluted earnings per share of about $8.50.

[Via Apple; Engadget 1, 2, 3, 4]

New Apple CEO Tim Cook releases letter to company employees

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Newly appointed Apple CEO Tim Cook released the following letter to Apple employees today. In it he reassures them that “Apple is not going to change.”

Team:

I am looking forward to the amazing opportunity of serving as CEO of the most innovative company in the world. Joining Apple was the best decision I’ve ever made and it’s been the privilege of a lifetime to work for Apple and Steve for over 13 years. I share Steve’s optimism for Apple’s bright future.

Steve has been an incredible leader and mentor to me, as well as to the entire executive team and our amazing employees. We are really looking forward to Steve’s ongoing guidance and inspiration as our Chairman.

I want you to be confident that Apple is not going to change. I cherish and celebrate Apple’s unique principles and values. Steve built a company and culture that is unlike any other in the world and we are going to stay true to that-it is in our DNA. We are going to continue to make the best products in the world that delight our customers and make our employees incredibly proud of what they do.

I love Apple and I am looking forward to diving into my new role. All of the incredible support from the Board, the executive team and many of you has been inspiring. I am confident our best years lie ahead of us and that together we will continue to make Apple the magical place that it is.

Tim

[Via Engadget]

Steve Jobs resigns as Apple CEO, Tim Cook takes over

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I don’t think anybody was expecting this day to come for a very long time, and yet here it is. Steve Jobs has stepped down from his post as CEO of Apple. Steve penned this letter for all to read:

To the Apple Board of Directors and the Apple Community:

I have always said if there ever came a day when I could no longer meet my duties and expectations as Apple’s CEO, I would be the first to let you know. Unfortunately, that day has come.

I hereby resign as CEO of Apple. I would like to serve, if the Board sees fit, as Chairman of the Board, director and Apple employee.

As far as my successor goes, I strongly recommend that we execute our succession plan and name Tim Cook as CEO of Apple.

I believe Apple’s brightest and most innovative days are ahead of it. And I look forward to watching and contributing to its success in a new role.

I have made some of the best friends of my life at Apple, and I thank you all for the many years of being able to work alongside you.

Steve

The Apple Board of Directors has granted Steve’s wishes; effective immediately former Apple COO Tim Cook is taking over Steve’s vacated position and Steve has been elected Chairman of the Board. In a press release announcing the news, Steve’s achievements are praised and his new role is briefly described:

“Steve has made countless contributions to Apple’s success, and he has attracted and inspired Apple’s immensely creative employees and world class executive team. In his new role as Chairman of the Board, Steve will continue to serve Apple with his unique insights, creativity and inspiration.”

Tim Cook joined Apple in 1998 and nine years later he became COO of the company. In that position he “played a key role in the continued development of strategic reseller and supplier relationships, ensuring flexibility in response to an increasingly demanding marketplace.” Cook is no stranger to the CEO position; he filled in as interim CEO three times (in 2004, 2009, and January 2011) when Steve was forced to go on medical leave. In his letter Steve says that the day has come when he “[can] no longer meet [his] duties and expectations as Apple’s CEO.” Whether or not this means his medical condition has taken a turn for the worse, I wish him good health.

Though the question on everybody’s mind is going to be Can Apple exist without its leader?, we must take time to realize everything that Steve has done for this company, the technology industry, and the world. Under his leadership, Apple has churned out some of the most innovative products and services for consumers and businesses. He forever changed the music industry with the introduction of the iPod and iTunes, he reinvented the cell phone with the iPhone, he figured out how to make tablet computing popular with the iPad, with Apple designer Jony Ive he set a very high bar in terms of device craftsmanship, and last but certainly not least he pushed personal computing into the future with Mac OS X. Steve Jobs is synonymous with Apple. Whether or not the company will continue to be as successful as it has become over the years under new leadership remains to be seen. Cook has been with the company long enough alongside Steve for me to reside full faith in his ability to carry the company and Steve’s magical legacy onward. As Chairman of the Board, Steve will continue to guide Cook and the company on right path.

In 1985 Steve said this: “I’ll always stay connected with Apple. I hope that throughout my life I’ll sort of have the thread of my life and the thread of Apple weave in and out of each other, like a tapestry. There may be a few years when I’m not there, but I’ll always come back.” No matter what happens to Steve his sheer genius and passion for the development of how we interact in the world will always be apart of Apple’s DNA. Steve, we’ll miss you at the top and we’ll never forget all of your invaluable contributions.

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