AAPL Earnings: Cash Hoard Swells to New Record

080325_ZimbabweMoney_hsmall-vertical

For its fiscal 2013 first quarter, which included 13 weeks, Apple (NASDAQ:AAPL) posted a net profit of $13.1 billion ($13.81 per diluted share), compared to $13.1 billion ($13.87 per diluted share) a year earlier. Meanwhile, revenue increased 17.7 percent to $54.5 billion, from $46.3 billion in the 14-week year-ago quarter. Analysts had expected Apple to earn $13.47 per share on $54.9 billion in revenue. Apple’s own estimates called for $11.75 per share with revenue coming in at $52 billion.

Gross margin came in at 38.6 percent, which was slightly better than the 38.4 percent expected by Wall Street. In the same quarter a year earlier, gross margin was 44.7 percent.

Apple sold a record 47.8 million iPhones in the quarter, compared to 37 million a year earlier. Apple also sold a record 22.9 million iPads. Mac and iPod unit sales declined from the same year-ago quarter.

Through all the volatility in supply issues and rumors, the company is still adding greenbacks to its massive cash hoard…

Markets are at 5-year highs! Discover the best stocks to own. Click here for our fresh Feature Stock Pick now!

Taking the total of Apple’s cash and cash equivalents, short-term marketable securities and long-term marketable securities, the company’s cash position grew to $137.1 billion, another new record. In comparison, Apple held a total cash position of $97.6 billion a year earlier. As the chart below from Zero Hedge shows, Apple increasing its cash position is business as usual.

Screen Shot 2013-01-23 at 4.07.54 PM

Apple’s total cash position, is bigger than the entire market capitalization of Facebook (NASDAQ:FB), Hewlett-Packard (NYSE:HPQ), Dell (NASDAQ:DELL), Pandora (NYSE:P) and Netflix (NASDAQ:NFLX) combined.

“We’re pleased to have generated over $23 billion in cash flow from operations during the quarter,” said Peter Oppenheimer, Apple’s CFO. “We established new all-time quarterly records for iPhone and iPad sales, significantly broadened our ecosystem, and generated Apple’s highest quarterly revenue ever.”

Investor Insight: David Einhorn Q4 Letter: I’m Still Long These 5 Big Investments