UPDATE, 3:05 PM: Everyone wants to know what’s up with Apple’s plan to introduce its own TV set, but CEO Tim Cook offered no updates in a conference call with analysts. He’s still upbeat about the Apple TV box, which ports Internet video to TV sets, but refers to it as a “hobby.” He’s unconcerned about the growing competition to the iPad from new tablets. His view is that people who are interested in the iPad won’t settle for devices with fewer functions. Even the Amazon Kindle Fire, one of the hottest-selling electronic products this past holiday season, has had no “obvious impact” on iPad sales. Indeed, Cook says that the iPad probably cannibalizes more Windows PCs. On the iPhone 4S, Cook says that Apple “made a very bold bet as to what the demand would be, and we were short of supplies throughout the quarter.” He adds that the company is still short in some countries. “We could not be happier.” It was just introduced in China and “the demand there has been staggering.” The company expects fiscal 2Q revenues to come in at $32.5B with earnings of about $8.50 a share.
PREVIOUS, 1:40 PM: Shares are trading +7% after hours following an amazing report for the last three months of 2011: Apple revenues came in at $46.3B, up 73.3% vs the same period last year — and well ahead of the $38.9B that analysts expected. And the company had $13.1B in net income, up 117.6%. Here, too, the results at $13.87 a share were well ahead of the $10.08 consensus estimate. (more…)