After a long wait, Motorola finally reported the total number of Xoom tablets shipped in Q1 2011 and its quarterly earnings. Turns out that the company shipped 250,000 units and its net revenue increased. These 250k units are a small part of the 9.3 million mobile devices shipped in the same time frame, but still a decent performance.

Motorola announced $3 billion in revenues, $2.1 billion of them being earned through mobile device sales. The new net revenues signify a 22% growth from the first quarter 2010 and in case you’re wondering, the US company also shipped 4.1 million smartphones in the first three months of the year.

Moto generated in Q1 $107 million in operating cash flow, the seventh consecutive quarter of positive cash flow. Some people are arguing that “shipped” does not equal “sold”, so the 250k Xooms may not be that impressive. What’s your take on this debate?