Thursday, April 20, 2006

Apple's profits

Naturally, as an Apple aficionado of many years' standing, I'm immensely happy about their quarterly profits (although I do wish that I'd bought shares in them a decade ago; I'd be a very rich man for an investment of only a few thousand).

However, I do have a few quibbles with the Beeb's reporting.
The US technology icon reported earnings of $410m (£229m) during the first three months of 2006, up from $290m at the same time last year.

Now, I may have the wrong end of the stick here, but Wikipedia directs earnings to the entry for income.
Income, generally defined, is the money that is received as a result of the normal business activities of an individual or a business. For example, for individuals income usually means the gross amount on their payslips before any tax and other deductions has been made by their employer.

Internationally, the accounting term income is synonymous to term revenue.

As you can see from Apple's own release, their income, or revenue, was nowhere near $410m.
The Company posted revenue of $4.36 billion...

The figure of $410m is, in fact, Apple's net profit for this quarter.

And whilst we are being pedantic, can anyone tell me what is wrong with this sentence?
Apple's gains outshined those at US chip giant Intel, which reported a drop in first quarter earnings to $1.35bn.

Remind me again: what is the past participle of "shine". Is it "shined"? I don't think so: I think that they meant to write "outshone".

Don't these people have editors?

UPDATE: I should have read the Wikipedia entry for income more carefully.
In U.S. business and accounting, however, income most often means the amount of money that a company earns after paying for all its costs. Outside the U.S., the term is usually profit or earnings.

Pah! My point about "outshone" still stands though...

1 comment:

Jim said...

I think your point about "income" should still stand too. Beeb News online may be international, but if that definition of income is only used in the U.S., they should have been clearer and said "profits".

The very model of a modern scientific man

Your humble Devil was thoroughly amused by Neil Ferguson's fall from grace, and is very pleased to have found the time to outline Fergus...