At 5:00pm EST Apple will be broadcasting it's earnings report and we'll be here liveblogging the results. You can also follow along at our sister site, The Unofficial Apple Weblog, for a report of the event.

Our own Georges Yared did an earnings preview post, noting that estimates called for "revenues of $9.3-9.4 billion and earnings per share of $1.55-1.60. Stories circulating on many trading desks suggest that Apple could have topped $10 billion and earnings could range between $1.80 and $1.85. In this environment, will it really matter how much Apple exceeds expectations?"

A rough stock market abroad and here in the states could mitigate any successes Apple has to crow about today.

4:43pm: the live broadcast via quicktime is up and we're listening to piano music while on hold.

4:53pm: hold music is cutting in and out.

5:01pm: still on hold, but Apple has released their press release on earnings:

They posted revenue of $9.6 billion. Net quarterly profit of $1.58 billion. $1.76/share.

This compares to $7.1 billion from the previous quarter a year ago, and a $1 billion profit. Apple's still doing the growth thing quite well.

They've shipped some 2,319,000 computer units, a 44% growth! 22,121,000 iPods have been sold during the quarter, a 5% growth. iPhone sales for the quarter where 2,315,000. Another 'best quarter' ever.

Ahead in the second quarter Apple is expecting revenue of $6.8 billion and earnings per share of 94 cents.

5:03: As pointed out on TUAW the 94 cents a share earnings is not that uncommon for Apple, they like to lowball future ownings.

5:04: It has begun! Tim Cook and Peter Oppenheimer will be speaking.

5:05: Peter is saying 35% year over year earnings, record breaking revenue growth from record breaking iPod, iPhone and Mac growth. Operating margin was higher than expected.

5:06: Mac products 47% of revenue. 2.23 million shipped, exceeded by 700,000 the previous numbers. 2.5 times the normal growth.

5:07: Extremely pleased with the Leopard launch. 19% of OS-X install base using Leopard. 22.1 million iPods sold, a record. iPod touch was a big new launch, the first wifi mobile platform. Because of the larger cost of the iPod touch, the most expensive iPod. Responsible for the iPod push up in year over year earnings.

5:09: iPod gaining marketshare still. iPhone momentum is still strong. 2.3 mil sold, with successful overseas sales. iPhone revenue is 241 million.

5:10: Apple retail posted records. 1.17 billion pulled in. 204 stores total. 201 average stores open, 8.5 million revenue per store. 607,000 Macs sold by stores. Over 50% of customers are still first time buyers.

5:11: 34.7% total gross margin, thanks to stronger software sales, weaker US dollars and commodity prices lower than expected.

5:12: (After hours AAPL trading puts the price down some 10.20%!)

5:13: Next quarter outlook is being discussed. Almost 30% growth, slightly lower gross margin.

5:14: In closing: extremely proud of exception results as Apple hits new highs. Proud of growth. Proud of announcements, including MacBook Air, movie rentals, and updated Mac Pro. Questions are now open:

Morgan Stanley: next quarter revenue guidance is lower than even the past post-winter decline, why such a low forecast? Answer is that they project guidance that they expect to reasonably hit. So, no answer, really...

An analyst is asking about the pro segment of Mac business. Peter is saying the Mac segment is on fire and up 44%. Peter is saying pro audio is up year over year and video is doing well. Analyst is asking about the iPhone rebates. Tim is saying customers really appreciated the credit. The impact he's saying is behind Apple, was factored into the last quarter. iPhone sales? Apple is confident on hitting 10 million goal for iPhones for 2008.

Another analyst (the phone switch on their streaming obscures the announcement about who is speaking) is asking about inventory on channel inventory. They're saying they need to get back into the 4-6 week range for inventory issues. The analyst has asked about iPod saturation: Peter is saying that the iPod touch is the hint at the iPod's future as a mainstream mobile platform.

Another analyst has asked about cannibalization of the iPod sales by iPhone. They're saying in the US iPod sales being flat could have been because of that, but its difficult to say. What are inventory levels on iPhones? No real answer...

Richard Gardner from Citi: wants comment on linear iPod sales through the sales, as he thinks some data indicates there's some weakening demand. Tim thinks its similar to fall off in sales that Apple saw last year, internationally, although US saw slightly different fall off.

18.5 billion is cash on the balance sheet, particularly as iPhone grows sales, how might Apple use the cash. Share buybacks? Cash went up almost 3 billion. Stock buybacks, the board discusses it from time to time, but Apple prefers a strong balance sheet.

Another analyst notes last year 52% down in guidance EPS, and this year it's down 47%, how does Apple really feel about it's guidance? Is this year like last year? Very confident in business, strategy, and products. Apple is innovating, gaining share, and they're proud of what they're doing. "Reasonable confidence in achieving" line used re: guidance again.

MacBook Air question: will that cannibalize any new sales? Tim is saying the orders are great, but it is too early to tell what it will do.

Reuters is reporting that Apple's dramatic drop in after-hours trading is already affecting S&P 500 futures.

Cross Research wants an update on Mac channels and distribution with Best Buy. Tim Cook says they ended with 286 stores. Thrilled with results they've seen and are agreeing with Best Buy to expand to 600 BB stores within the next 6 months. Cross Research is asking how Apple views the movie rentals as a way to sell Apple TV or straight profit. Peter says the iTunes stores is to do it just around break even in order to move iPods and stuff.

Bank of Montreal wants to know how Leopard is expected to do in the next quarter when compared to how the previous OS did. Peter says it's off to a great start. Sales for Tiger were 100 million on the first quarter, 35 on the next, and Apple is not saying if they're expecting a similar result, though Leopard did 170 million for the first and they're expecting a fall off.

While Apple has struggled in Japan, but they did bounce there, with iMac and iPod touch, which did really well and helped iPod in Japan.

Another Analyst is asking about the relationship between carriers and Apple, and since Orange is selling an unlocked phone does Apple get a taste? No comment from Apple.

Gene Munster of Piper Jafry is asking about the overall health of the consumer and how that might affect Apple? Peter says economic forecasting is for others, they're focused on their business. Retail did well, traffic was up, and Apple had a great quarter, so they think they're managing the business well and are confident in all their stuff.

Analyst is asking about iPhone 4 million vs 2.2 million iPhone number. Peter is pointing out that over 4 million is the cumulative number. The analyst is asking if the run rate is going up. Peter is confident in 10 million for 2008. Analyst is asking about European vs US iPhone uptake. Tim is saying all the launches make them 'very happy.' Analyst is asking about 3G. Tim won't say anything to that.

Apple retail points are up to 9500, almost 2,000 more than before. We're fielding questions about how many places carry the iPhone. Over 2,000 with AT&T.

They're ending the call, it'll be online soon for anyone to listen too.