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专栏 - 苹果2_0

苹果利润超预期,股东将迎大红包

Philip Elmer-DeWitt 2013年04月26日

苹果(Apple)公司内部流传着一个老笑话,那就是史蒂夫·乔布斯周围是一片“现实扭曲力场”:你离他太近的话,就会相信他所说的话。苹果的数百万用户中已经有不少成了该公司的“信徒”,而很多苹果投资者也赚得盆满钵满。不过,Elmer-DeWitt认为,在报道苹果公司时有点怀疑精神不是坏事。听他的应该没错。要知道,他自从1982年就开始报道苹果、观察史蒂夫·乔布斯经营该公司。
苹果报告截至到3月的这个季度,iPhone销量为3,740万部,iPad销量为1,950万部,总收入达436亿美元。不出所料,利润有所下降。不过它将股息提高了15%,还将股票回购的数量增加了四倍,每年将借钱拿出300亿美元回馈股东。

    苹果(Apple)不顾外界分析师们的劝告,于本周二将其好消息和坏消息一股脑儿都倒了出来。

    不出所料,苹果公司利润有所下滑。尽管如此,数字还是高于苹果自身给出的指引及华尔街的预期。苹果售出了大量iPhone和iPad,获得了超过436亿美元的收入。它还宣布,计划在今后两年半内拿出1,000亿美元现金,提高股息、加速股票回购计划,以回馈股东。

    “我们很高兴地宣布,由于iPhone和iPad表现强劲,苹果在三月份这个季度收入创下了历史新高,”苹果公司首席执行官蒂姆•库克说。“我们的团队正努力研发一些非常出色的新硬件、软件以及服务,我们对公司正在筹划的产品感到非常兴奋。”

    不过,苹果的利润处于其自身给出的预期利润的低位,而且较去年同一季度下降了18%以上。但这个坏消息已提前泄漏,而且基本上已经充分地体现在了股价上。

    此外,意料之外的现金管理公告弥补了上述不足。苹果的现金储备在该季度增至1,450亿美元,苹果将加速回馈股东。季度股息增长了15%,而股票回购计划的金额从100亿美元提高到600亿美元。

    苹果公司的股票于本周二收于每股406.13美元,上涨了7.46美元(涨幅为1.87%),其交易在4:30之前不久被叫停。交易恢复时,苹果股价曾短暂地跃升至每股429.9美元,随后又回落到405美元,基本回到原位。

    部分数据如下:

    销售额:436.03亿美元,同比增长11.3%

    净利润:95亿美元,下降18.3%

    每股盈利:10.09美元,下降18%

    iPhone:3,743万部,上涨6.7%

    iPad: 1,950万部,上涨65.3%

    Mac: 395.2万部,下降1.6%,不过整个行业销量降幅达14%

    iPod: 563.3万部,下降了26.6%

    iTunes sales: 24亿美元,涨幅28%

    iTunes/软件/服务:41.14亿美元,涨幅30%

    Against the advice of outside analysts, Apple (AAPL) bundled its good news and bad news together and released it all at once Tuesday.

    Although profits were down, as expected, it beat its own guidance and Wall Street's expectations -- selling a ton of iPhones and iPads and collecting more than $43.6 billion in revenue. It also announced a plan to return $100 billion in cash to shareholders over the next two and a half years in the form of higher dividends and an accelerated stock repurchase plan.

    "We are pleased to report record March quarter revenue thanks to continued strong performance of iPhone and iPad," said Tim Cook, Apple's CEO. "Our teams are hard at work on some amazing new hardware, software, and services and we are very excited about the products in our pipeline."

    The bad news -- that margins were at the low end of Apple's guidance and profits were down more than 18% from the same quarter last year -- had been telegraphed ahead of time and largely baked into the stock price.

    Moreover the shortfalls were tempered by the unexpected cash management announcements. Apple's cash hoard, which swelled to $145 billion in the quarter, is being returned to shareholders at an accelerated pace. The quarterly dividend was boosted 15% and the stock buyback program was increased from $10 billion to $60 billion.

    Trading in Apple (AAPL), which ended the day at $406.13, up $7.46 (1.87%), was halted shortly before 4:30. When trading resumed it leaped briefly to $429.9 before drifting down to $405, roughly where it started.

    Some of the numbers:

    Sales: $ 43.603 billion, up 11.3% year over year

    Net profit: $9.5 billion, down 18.3%

    EPS: $10.09, down 18%

    iPhone: 37.43 million units, up 6.7%

    iPad: 19.5 million units, up 65.3%

    Mac: 3.952 million units, down 1.6%, compared with 14% for the industry

    iPod: 5.633 million units, down 26.6%

    iTunes sales: $2.4 billion, up 28%

    iTunes/Software/Services: $4.114 billion, up 30%

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