Apple's FY2010: A Retrospective
In preparing my December quarter and FY2011 estimates for Apple, I'm looking to the company's FY2010 results for benchmarks and clues concerning revenue growth trends. FY2010 was a year of extraordinary growth for Apple, delivering revenue growth of about 52% and eps growth of roughly 67%.
Fiscal Year Unit Sales
The emergence of the Apple iPad in the revenue mix for the June and September quarters was crucial to Apple's ability to deliver the growth numbers mentioned above. For the fiscal year iPhone unit sales grew about 90%, Mac unit sales grew about 30% and the Apple iPad (device sales and related accessories) represented 7.6% of the company's reported revenue for the fiscal year and contributed about 11.6% of the 52% growth in revenue. This was an extraordinary outcome for a product that was in the market for only six months and for much of that time in constrained supply. Although the Apple iPod line experienced a decline of about 8.5% in unit sales in the fiscal year, revenue grew almost 2.3% due to the sales performance of the iPod touch during the 12-month period.
FY2010 Revenue Mix
The chart below illustrates Apple's product line revenue mix for the fiscal year. Due to strong growth in iPhone unit sales and an average selling price hovering around $600 per unit, the iPhone and related accessories delivered almost 40% of Apple's revenue in the fiscal year.