Apple fiscal second-quarter profit nearly doubled

Posted on Thursday, Apr 21 2011 @ 14:21 CEST by Thomas De Maesschalck
Apple announced its fiscal 2011 second-quarter revenue hit a record $24.67 billion with record net profit of $5.99 billion, or $6.40 per share. The figures are pretty stunning when you compare them to last year when Apple posted revenue of $13.50 billion and net profit of $3.07 billion. Analysts polled by FactSet Research anticipated Apple would announce earnings of $5.35 per share on revenue of $23.3 billion.

During the quarter, Apple sold 3.76 million Mac computers, a 28 percent rise over the year-ago quarter, while iPhone sales soared 113 percent to 18.65 million units. Sales of the iPod player on the other hand declined by 17 percent to 9.02 million units, while the iPad raked in 4.69 million sales.
Apple® today announced financial results for its fiscal 2011 second quarter ended March 26, 2011. The Company posted record second quarter revenue of $24.67 billion and record second quarter net profit of $5.99 billion, or $6.40 per diluted share. These 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. International sales accounted for 59 percent of the quarter’s revenue.

Apple sold 3.76 million Macs during the quarter, a 28 percent unit increase over the year-ago quarter. The Company sold 18.65 million iPhones in the quarter, representing 113 percent unit growth over the year-ago quarter. Apple sold 9.02 million iPods during the quarter, representing a 17 percent unit decline from the year-ago quarter. The Company also sold 4.69 million iPads during the quarter.

“With quarterly revenue growth of 83 percent and profit growth of 95 percent, we’re firing on all cylinders,” said Steve Jobs, Apple’s CEO. “We will continue to innovate on all fronts throughout the remainder of the year.”

“We are extremely pleased with our record March quarter revenue and earnings and cash flow from operations of over $6.2 billion,” said Peter Oppenheimer, Apple’s CFO. “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.”

About the Author

Thomas De Maesschalck

Thomas has been messing with computer since early childhood and firmly believes the Internet is the best thing since sliced bread. Enjoys playing with new tech, is fascinated by science, and passionate about financial markets. When not behind a computer, he can be found with running shoes on or lifting heavy weights in the weight room.

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