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Apple Q2 profit gains 15%, beats forecast
Source: Agencies |
April 23, 2009, Thursday
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Online Edition
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Strong sales of the iPhone helped Apple Inc. lift its quarterly profit 15 percent, well ahead of Wall Street's expectations yesterday despite the global economic downturn.
The company also said co-founder Steve Jobs still plans to return from his medical leave as scheduled.
"We look forward to Steve returning to Apple at the end of June," Apple's chief financial officer, Peter Oppenheimer, said in a conference call with analysts. Jobs, a survivor of pancreatic cancer, stepped away from his day-to-day responsibilities as CEO in January.
For the three months ended March 28, Apple's fiscal second-quarter earnings rose to US$1.21 billion, or US$1.33 per share. In the same period last year Apple earned US$1.05 billion, or US$1.16 per share.
Analysts surveyed by Thomson Reuters had forecast a per-share profit of US$1.09.
Sales increased 9 percent to US$8.16 billion, topping analyst expectations for US$7.96 billion. And margins were better than expected, helped by low chip prices.
"Gee, given what's going on around us, we couldn't be happier," Oppenheimer said in an interview.
Cupertino, California-based Apple said it sold 3.8 million iPhones in the quarter, more than twice as many as a year ago. Earlier Wednesday, the iPhone's exclusive US carrier, AT&T Inc., said its earnings also were helped by the popularity of the device.
Apple sold 11 million iPods, up 3 percent. The tiny new iPod shuffle attracted consumers, as did the iPod Touch, which can run the same games and other applications as the iPhone but doesn't require a service plan.
But its Macintosh computer line didn't fare quite as well. People bought 2.2 million Macs, a 3 percent drop, even though Apple revamped its iMac desktop line in March.
And more people who did buy Macs snapped up the cheapest they could find, the US$999 MacBook or the US$599 Mac Mini. That, plus the year-ago boost Apple got from sales of the slim new MacBook Air, pushed Mac revenue down 16 percent.
In another sign that Apple's high prices turned off recession-worn consumers, Apple's average revenue per retail store sank 17 percent in the quarter.
"The economy is just catching up to them," said Brian Marshall, an analyst for Broadpoint AmTech. "Apple is predominantly a high-end vendor in that space, and people are moving away from the high end."
The decline in Mac sales was the first in years for Apple, Marshall said in an interview, but it was expected. Overall, the analyst called it a solid quarter, and noted that booming iPhone sales helped push Apple's margins higher than expected.
For the current fiscal third quarter, the company issued typically conservative guidance of 95 cents to US$1 per share in profit on US$7.7 billion to US$7.9 billion in revenue. Analysts are looking for a profit of US$1.12 per share on US$8.28 billion in sales, on average.
Apple had also announced on March 17 that it will launch a new version of iPhone software this summer. On Wednesday, Apple said it won't recognize revenue from iPhones sold between March 17 and when customers get the software.
That's the same accounting method Apple used with the launch of the second-generation iPhone in July of last year. If Apple holds its new iPhone software until after the quarter ends in June, investors would see a similar pattern as in 2008: a steep drop in iPhone sales in the third quarter, then a dramatic spike in the fourth.
Apple's shares added US$3.72, or 3 percent, to US$125.15 in after-hours trading after slipping 25 cents to end the regular session at US$121.51.
The company also said co-founder Steve Jobs still plans to return from his medical leave as scheduled.
"We look forward to Steve returning to Apple at the end of June," Apple's chief financial officer, Peter Oppenheimer, said in a conference call with analysts. Jobs, a survivor of pancreatic cancer, stepped away from his day-to-day responsibilities as CEO in January.
For the three months ended March 28, Apple's fiscal second-quarter earnings rose to US$1.21 billion, or US$1.33 per share. In the same period last year Apple earned US$1.05 billion, or US$1.16 per share.
Analysts surveyed by Thomson Reuters had forecast a per-share profit of US$1.09.
Sales increased 9 percent to US$8.16 billion, topping analyst expectations for US$7.96 billion. And margins were better than expected, helped by low chip prices.
"Gee, given what's going on around us, we couldn't be happier," Oppenheimer said in an interview.
Cupertino, California-based Apple said it sold 3.8 million iPhones in the quarter, more than twice as many as a year ago. Earlier Wednesday, the iPhone's exclusive US carrier, AT&T Inc., said its earnings also were helped by the popularity of the device.
Apple sold 11 million iPods, up 3 percent. The tiny new iPod shuffle attracted consumers, as did the iPod Touch, which can run the same games and other applications as the iPhone but doesn't require a service plan.
But its Macintosh computer line didn't fare quite as well. People bought 2.2 million Macs, a 3 percent drop, even though Apple revamped its iMac desktop line in March.
And more people who did buy Macs snapped up the cheapest they could find, the US$999 MacBook or the US$599 Mac Mini. That, plus the year-ago boost Apple got from sales of the slim new MacBook Air, pushed Mac revenue down 16 percent.
In another sign that Apple's high prices turned off recession-worn consumers, Apple's average revenue per retail store sank 17 percent in the quarter.
"The economy is just catching up to them," said Brian Marshall, an analyst for Broadpoint AmTech. "Apple is predominantly a high-end vendor in that space, and people are moving away from the high end."
The decline in Mac sales was the first in years for Apple, Marshall said in an interview, but it was expected. Overall, the analyst called it a solid quarter, and noted that booming iPhone sales helped push Apple's margins higher than expected.
For the current fiscal third quarter, the company issued typically conservative guidance of 95 cents to US$1 per share in profit on US$7.7 billion to US$7.9 billion in revenue. Analysts are looking for a profit of US$1.12 per share on US$8.28 billion in sales, on average.
Apple had also announced on March 17 that it will launch a new version of iPhone software this summer. On Wednesday, Apple said it won't recognize revenue from iPhones sold between March 17 and when customers get the software.
That's the same accounting method Apple used with the launch of the second-generation iPhone in July of last year. If Apple holds its new iPhone software until after the quarter ends in June, investors would see a similar pattern as in 2008: a steep drop in iPhone sales in the third quarter, then a dramatic spike in the fourth.
Apple's shares added US$3.72, or 3 percent, to US$125.15 in after-hours trading after slipping 25 cents to end the regular session at US$121.51.
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