For the second straight quarter, Apple has blown away analyst forecasts to post record revenues. Net income in Q4 2009 compared to the same quarter in 2008 jumped 50% to a record $3.4 billion.
Apple's overall sales are up 32% to a record $15.7 billion. Analysts had predicted the company would make $12.1 billion in sales. New accounting laws made it possible for Apple to report iPhone and Apple TV revenues immediately instead of having to spread them out over the length of a consumer's contract.
According to Apple CEO Steve Jobs, "If you annualize our quarterly revenue, it's surprising that Apple is now a $50+ billion company. The new products we are planning to release this year are very strong, starting this week with a major new product that we're really excited about."
Jobs may be referring to the rumored Apple tablet that industry insiders are expecting to be revealed at a special Apple media event later this week.
iPhone sales doubled year-over-year, amounting to 8.7 million iPhone sold in the fourth quarter of 2009. This was up 17.6% from iPhone sales the previous quarter and a whopping 100% more than Apple sold in Q4 2008.
Apple, in classic fashion, conservatively predicted that last quarter's revenue would be around $11.4 billion, with earnings per share of $1.74. Actual earnings in Q4 2009 were $3.67 per share, more than double the forecast.
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