Wednesday, April 20, 2011, 01:00 pm PT (04:00 pm ET)
Apple profits soar 95% on sales of 18.65M iPhones, 4.69M iPads and 3.76M MacsApple 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, were 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.
On Topic: Investor
- UBS praises Apple CEO Tim Cook for thinking 'big,' pushing for iOS to become ubiquitous
- Apple, Inc. bought back another $5 billion of $AAPL stock in Q3 as shares rose 20%
- RBC ups Apple price target to $110 in anticipation of 'busy fall' for iPhone & 'iWatch'
- Wall Street on Apple's 'uneventful' June quarter: Excited by margins, concerned about guidance
- Notes of interest from Apple's Q3 2014 conference call