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Apple Inc AAPL
Q1 2013 Earnings Call Transcript

Transcript Call Date 01/23/2013

Operator: Good day, everyone, and welcome to this Apple Incorporated First Quarter Fiscal Year 2013 Earnings Release Conference Call. Today's call is being recorded.

At this time, for opening remarks and introductions, I would like to turn the call over to Nancy Paxton, Senior Director of Investor Relations. Please go ahead, ma'am.

Nancy Paxton - IR: Thank you. Good afternoon, and thanks to everyone for joining us today. Speaking today are Apple's CFO, Tim Cook; and CFO, Peter Oppenheimer; and they'll be joined by Treasurer, Gary Wipfler, for the Q&A session with analysts.

Please note that some of the information you'll hear during our discussion today will consist of forward-looking statements, including without limitation, those regarding revenue, gross margin, operating expenses, other income and expense, stock-based compensation expense, taxes, and future products. Actual results or trends could differ materially from our forecast.

For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2012, and the Form 8-K filed with the SEC today along with the attached press release. Apple assumes no obligation to update any forward-looking statements or information which speak as of their respective dates.

I'd now like to turn the call over to Tim Cook for introductory remarks.

Tim Cook - CEO: Thanks, Nancy, and good afternoon everyone and thank you for joining us. We are incredibly pleased to report an extraordinary quarter with $54.5 billion in revenue and new records for iPhone and iPad sales. No technology company has ever reported these kind of results. Apple is in one of the most prolific periods of innovation in new products in its history.

Just in the last few months, we've introduced new products in every category that we make. Each one of these reflects our dedication to making the very best products in the world. At Apple, we think about the smallest details and we're unwilling to cut corners in delivering the best customer experience in the world. This relentless commitment to innovation and excellence is the reason our customers choose to buy our products and this will always be the driving force behind Apple.

Apple today is over 80,000 people strong and we are one team working together to surprise and delight our customers. Part of my job is to preserve our culture and drive it forward so we remain the world's most innovative company. People join Apple to do their very best work of their lives and there's no greater reward than seeing how customers love to use our products.

We continue to believe that our fundamentals, our remarkable people, our clear and focused strategy, our new product pipeline, our booming ecosystem, and more than 400 Apple retail stores will serve us well in the coming months and years ahead.

Tomorrow marks the anniversary of a revolution. On January 24, 1984, Steve introduced the first Macintosh right here at a shareholder meeting at Cupertino. On the evening news that night, they said it was supposed to be one of the easiest computers to use, and thanks to the new mouse you hardly have to touch the keyboard. We’ve come a long way since 1984, but we rely on the same spirit and drive that brought the original Mac and other revolutionary products, like the iPod, the iPhone and the iPad, into the world. You're going to hear a lot of impressive numbers during this call, but they are not the only way that we measure success at Apple.

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