Apple’s earnings are out, and the stock is up 10% after hours. Here’s the breakdown:

iPhone: Apple sold 6.9 Million iPhones last quarter, worth $806 million in revenue. If it wasn’t deferred over 12 months, this would now represent 39% of Apple’s overall revenue. It’s clear that Apple is now a communications company, not a computer company. Amazingly, iPhone is now outselling RIM. Over 200 Million apps have been downloaded in just 102 days.

Mac. Apple sold 936,000 desktops and 1,675,000 notebooks in Q3, an increase of about 15% since last year. This now represents 45% of total revenue.

iPod and iTunes. 11 Million iPods were shipped lats quarter, generating 1.67 Billion in revenue. Apple has 70% of the entire MP3 player market.

Putting it all together, Apple earned $1.26 fully diluted last quarter. Guidance for Q4 is between 1.06 and 1.35. Conservatively, despite the recession, the company should easily earn 6$ in 2009, putting the 2009 forward PE at around 16, and the forward P/Enterprise Value at around 10. Amazing.

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category: Breaking News