Apple Inc. Earnings Cheat Sheet: Earnings Higher Than Expected

S&P 500 (NYSE:SPY) component Apple Inc. (NASDAQ:AAPL) reported net income above Wall Street’s expectations for the third quarter. Apple Inc. offers a range personal computers, mobile devices, and portable digital music and video players. The company also sells related software, services, peripherals, and networking solutions. Is Apple’s Stock Undervalued?>>

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Apple Earnings Cheat Sheet for the Third Quarter

Results: Net income for the personal computer company rose to $7.31 billion ($7.79 per share) vs. $3.25 billion ($3.51 per share) in the same quarter a year earlier. This is a more than twofold rise from the year earlier quarter.

Revenue: Rose 82% to $28.57 billion from the year earlier quarter.

Actual vs. Wall St. Expectations: AAPL beat the mean analyst estimate of $5.81 per share. It beat the average revenue estimate of $24.92 billion.

Quoting Management: “We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent,” said Steve Jobs, Apple’s CEO. “Right now, we’re very focused and excited about bringing iOS five and iCloud to our users this fall.” “We are extremely pleased with our performance which drove quarterly cash flow from operations of $11.1 billion, an increase of 131 percent year-over-year,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the fourth fiscal quarter of 2011, we expect revenue of about $25 billion and we expect diluted earnings per share of about $5.50.”

Key Stats:

The company has enjoyed double-digit year-over-year percentage revenue growth for the past five quarters. Over that span, the company has averaged growth of 69.8%, with the biggest boost coming in the third quarter of the last fiscal year when revenue rose 88.3% from the year earlier quarter.

The company has now seen net income rise in three straight quarters. In the second quarter, net income rose 94.8% and in the first quarter, the figure rose 77.7%.

The company has now topped analyst estimates for the last four quarters. It beat the mark by $1.05 in the second quarter, by $1.05 in the first quarter, and by 59 cents in the fourth quarter of the last fiscal year.

Competitors to Watch: Hewlett-Packard Company (NYSE:HPQ), Dell Inc. (NASDAQ:DELL), Google Inc. (NASDAQ:GOOG), Microsoft Corporation (NASDAQ:MSFT), Lenovo Group Limited (LNVGY), Adobe Systems Incorporated (NASDAQ:ADBE), Intl. Business Machines Corp. (NYSE:IBM), Intel Corporation (NASDAQ:INTC), Super Micro Computer, Inc. (NASDAQ:SMCI), and Nokia Corporation (NYSE:NOK).

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(Source: Xignite Financials)