Apple Posts Record Earnings, Revenue on Strength of iPhone, iPad Sales

Apple not only “beat the street” in today’s earnings report, it effectively blew the street up.

This afternoon, Apple delivered record-breaking quarterly earnings, a reality driven by strong iPad and iPhone sales during the fiscal 2011 third quarter ended June 25th.

According to Apple, earnings rose to $7.79 a share from $3.51 a share one year ago. The “street” had anticipated earnings of between $5 and $6 a share. Additionally, revenue spiked to $28.57 billion from $15.7 billion one year ago during the same quarter.

The Company sold 20.34 million iPhones in the quarter, representing 142 percent unit growth over the year-ago quarter. Apple sold 9.25 million iPads during the quarter, a 183 percent unit increase over the year-ago quarter.

“We’re thrilled to deliver our best quarter ever, with revenue up 82 percent and profits up 125 percent,” said Steve Jobs in a press release that accompanied the earnings report. “Right now, we’re very focused and excited about bringing iOS 5 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,” added 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.”