Forget the iPad backlash -- for now, Apple is hotter than ever.
Yesterday's absolutely monster earnings (the company saw net income up almost 90 percent) shocked even some of the most bullish of Wall Street analysts. (As if passing both Google and Walmart in market cap weren't enough for the iconic Silicon Valley firm).
An analyst at Morgan Keegan threw out this superlative, as noted by the Wall Street Journal:
"Has Any Company Ever Grown A $50B Revenue Stream by 50%? iDoes ... Most of Apple's out-performance was in iPhone, which remarkably was flat sequentially, vs. normally what is a down sequential quarter. Europe, Japan and APAC all grew over 100% year-over-year, and we suspect at least 2/3rds of iPhone sales are now international."
And the AP pointed out this choice quote yesterday from Piper Jaffray analyst Gene Munster regarding Apple's surging iPhone sales: "It's defying the law of gravity," Munster said. "Internationally, it's catching fire."
So, how did Apple do it? The company sold 8.75 million iPhones in the second fiscal quarter of 2010, that's equal to 40 percent of revenue and double the previous year. Revenue was up 49 percent over the same period last year.
Which isn't to say iPhone growth will stop. The Mac Observer spoke to Broadpoint AmTech analyst Brian Marshall, who said that "Apple has only penetrated about 1.5 percent of its 150+ international carrier partners' total postpaid subscriber base (about 525 million) versus its U.S. penetration peak of about 5.0 percent with AT&T in September '09 (about 65 million)."
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