This Earnings Release Is Impressive Even for Apple

First-quarter earnings soared past Wall Street expectations

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    NEWSLETTERS

    TK
    Apple
    Apple has scheduled a new gadget launch event for January 27.

    When you compare apples to apples, Apple is having a great 2010.

    The Cupertino-based company announced it had a record first-quarter earnings and it is all thanks to the iPhone.

    The iPhone rolled out in several major new markets, including China and South Korea, and Apple says that fuel a nearly 50 percent jump in net income over the same quarter a year ago.

    The earnings news comes two days before Apple's big announcement of its "latest creation," the long-promised Apple tablet.

    Apple also said after the closing bell Monday that revenue has hit an all-time high, jumping 32 percent.

    Apple's numbers for the three months that ended the day after Christmas reflect the company's ability to allure shoppers without deep cuts to its premium prices.

    The numbers soared past expectations in part because Apple adopted new accounting principles that just went into effect.  The new rules allows them to recognize revenue in the same quarter that sales are made. 

    Apple released a statement from CEO Steve Jobs where he claimed being "surprised" Apple is now a $50 billion company.  He also took the opportunity to hype his Wednesday announcement.  He wouldn't admit it was the tablet, but said it was a major new product.

    First quarter stats:

    • 3.36 million Macs sold (up 33-percent)
    • 8.7 million iPhones sold (up 100-percent)
    • 21 million iPods sold (down 8-percent)