Update: The stock has re-opened for trading; AAPL is now up $17.41, or 7.1%, to $262. That gives the company a market cap of about $238 billion.
Update 2: Here are some key tidbits from the post-earnings analyst call:
CFO Peter Oppenheimer says the company was “thrilled” with the results.
Revenue was up 49% from a year ago, with iPhone more than doubling, and Mac sales strong.
Net income was up 90% from a year ago.
Mac sales were a record for a March quarter. Strong double-digit growth in both desktop and portable segments. There is 3-4 weeks of Mac channel inventories.
iPod sales driven by Touch - Touch units were up 63% year over year. 12% growth in iPod revenue growth, strongest in late 2 years.
$1.1 billion in iTunes store revenue in the quarter. Over 12 million songs. Over 10 billion songs sold market crossed in February.
Ended the quarter in 4-6 weeks of iPod inventory.
On iPhone, had best quarter ever. 131% year over year growth. More 3x IDC estimate of smart phone growth in the quarter. ASP was about $600 for the iPhone. Now have distribution with 151 carriers in 88 countries.
iPhone OS 4 response from developers has been strong.
On iPad, the company is “pleased” with results so far. On track for 3G ship on April 30. Both versions in nine more countries at end of May.
$1.68 billion revenue from Apple stores in the quarter. Now 286 stores. There was $5.9 million revenue per store, up from $5.5 million a year ago. On track for 40-50 new stores in FY 2010.
41.7% gross margin was 270 basis points above guidance. Stronger product mix helped, as well as lower costs, and fixed-cost leverage from higher revenue.
24% tax rate in the March quarter was lower than expected.
Cash was up $1.9 billion from the previous quarter. They continue to focus on preservation of capital, with focus on short-dated high quality investments.
For the June quarter, they expect gross margin to be 36%. A quarter of that is from first quarter of iPad sales. They have been aggressive on pricing. Expect rest of margin decline to be due roughly equally from a stronger dollar; the Mac portable transition; the start of education buying season; and a future product transition. (New iPhones, maybe?)