Apple profits soar 95% on 18.65M iPhones, 4.69M iPads and 3.76M Macs
Apple said Wednesday that second-quarter profits rose nearly 95 percent to $5.99 billion, or $6.40 per diluted share, on record iPhone and non-holiday quarter sales of $24.67 billion for the three-month period ended March*26, 2011.
The results compare to revenue of $13.50 billion and net quarterly profit of $3.07 billion, or $3.33 per diluted share, in the year-ago quarter. Gross margin was 41.4 percent compared to 41.7 percent in the year-ago quarter, And international sales accounted for 59 percent of revenue.
“With quarterly revenue growth of 83 percent and profit growth of 95 percent, we’re firing on all cylinders,” said Apple Chief Executive Steve Jobs. “We will continue to innovate on all fronts throughout the remainder of the year.”
Apple sold 3.76 million Macs during the quarter, a 28 percent unit increase over the year-ago quarter, and just 400,000 units shy of last quarter's all time best. However, the 18.65 million iPhones sold by the Cupertino-based company represented the handset's best three-month stretch yet, growing sales at 113% and handily topping last quarter's benchmark of 16.2 million units.
Meanwhile, iPods continued to wan, with Apple shipping just 9.02 million units, representing a 17 percent unit decline from the year-ago quarter. And despite all the buzz surrounding Apple's second-generation iPad which launched during the quarter, combined sales of first and second gene units came to just 4.69 million as the company battled supply constraints through the better part of the quarter.
On average, analyst on Wall Street had been modeling the company to earn $5.35 per share on revenues of $23.26 billion, fueled by a gross margin of 39.1% on sales of 3.6 million Macs, 16.6 million iPhones, 10 million iPods and 6.2M iPads.
“We are extremely pleased with our record March quarter revenue and earnings and cash flow from operations of over $6.2 billion,” said Apple Chief Financial Officer Peter Oppenheimer. “Looking ahead to the third fiscal quarter of 2011, we expect revenue of about $23 billion and we expect diluted earnings per share of about $5.03.”
Apple will provide live streaming of its Q2 2011 financial results conference call beginning at 5:00 pm. AppleInsider will provide full coverage.
The results compare to revenue of $13.50 billion and net quarterly profit of $3.07 billion, or $3.33 per diluted share, in the year-ago quarter. Gross margin was 41.4 percent compared to 41.7 percent in the year-ago quarter, And international sales accounted for 59 percent of revenue.
“With quarterly revenue growth of 83 percent and profit growth of 95 percent, we’re firing on all cylinders,” said Apple Chief Executive Steve Jobs. “We will continue to innovate on all fronts throughout the remainder of the year.”
Apple sold 3.76 million Macs during the quarter, a 28 percent unit increase over the year-ago quarter, and just 400,000 units shy of last quarter's all time best. However, the 18.65 million iPhones sold by the Cupertino-based company represented the handset's best three-month stretch yet, growing sales at 113% and handily topping last quarter's benchmark of 16.2 million units.
Meanwhile, iPods continued to wan, with Apple shipping just 9.02 million units, representing a 17 percent unit decline from the year-ago quarter. And despite all the buzz surrounding Apple's second-generation iPad which launched during the quarter, combined sales of first and second gene units came to just 4.69 million as the company battled supply constraints through the better part of the quarter.
On average, analyst on Wall Street had been modeling the company to earn $5.35 per share on revenues of $23.26 billion, fueled by a gross margin of 39.1% on sales of 3.6 million Macs, 16.6 million iPhones, 10 million iPods and 6.2M iPads.
“We are extremely pleased with our record March quarter revenue and earnings and cash flow from operations of over $6.2 billion,” said Apple Chief Financial Officer Peter Oppenheimer. “Looking ahead to the third fiscal quarter of 2011, we expect revenue of about $23 billion and we expect diluted earnings per share of about $5.03.”
Apple will provide live streaming of its Q2 2011 financial results conference call beginning at 5:00 pm. AppleInsider will provide full coverage.
Comments
Here is a summary of analyst estimates, for anyone who is interested.
Apple said Wednesday that second-quarter profits rose nearly 95 percent to $5.99 billion, or $6.40 per diluted share, on record non-holiday quarter sales of $24.67 billion for the three-month period ended March*26, 2011.
As I've said so many times before, imagine what their numbers would have been if we were living in a good economy.
Waiting for investors to care.
Stock is up $9 in after-hours trading about $350 a share.
They just crushed it.
Stock is already up $10 in after-hours trading.
only up $10 in AH =/ will wait for the earnings call hopefully to see more movement
The iPad number isn't astronomically high so some analysts may fret over this.
Numbers look great to me but I wonder how the street will view them.
The iPad number isn't astronomically high so some analysts may fret over this.
I want to see what Apple says about this.
It seems likely its a supply constraint. This will be worrisome for shareholders, especially combined with the problems in Japan. Would like to know what steps Apple is taking to address the persistent supply problems with the iPad.
Back when Apple was hovering around $11-12/share (before the split), I was telling all my friends to buy some Apple stock because of the potential of the iPod.
Not one person followed my advice. Several even assured me that Apple would be out of business "within five years, tops" because of Microsoft's "Longhorn" OS.
Even my own father decided to buy Microsoft stock instead because the experts told him Microsoft was about to boom again and Apple was about to go under.
I am just glad to hear Steve Jobs say they are going to continue introducing innovative products through the year.
http://forums.appleinsider.com/showt...hreadid=122499
Why are the results always declared at the end of the day?
To stop panic in the market.
After hours trading is not a useful barometer of anything unless you are buying and selling in the after market. The question is, where will we open tomorrow and where will we be at the close. Even after a blowout quarter we are still not at an all-time high. Some of that has to do with the NASDAQ re-weighting, but that does not really matter to anybody who bought north of $355 at the moment.
AAPL has been underperforming the broader markets for several months now. The re-weighting of the index just iced the cake.
Why are the results always declared at the end of the day?
Earnings announcements are always made after the stock markets are closed.