Apple's 2Q Revenue Rises, But Profits Slump - InformationWeek

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Apple's 2Q Revenue Rises, But Profits Slump

Sales in the quarter were up 8%, thanks to brisk sales of laptops and iPods, but net income was down 41%.

SAN JOSE, Calif. (AP) -- Apple Computer Inc.'s third-quarter profits fell by 41 percent, though revenues rose enough to beat Wall Street's earnings expectations.

For the three months ended June 28, Cupertino-based Apple said Wednesday it earned $19 million, or 5 cents per share, compared with a profit of $32 million, or 9 cents per share, in the same period last year.

Revenue for the quarter was $1.5 billion, up 8 percent from $1.43 billion a year ago.

Analysts surveyed by Thomson First Call had projected earnings of 3 cents a share on revenue of $1.49 billion.

Apple officials attributed the increase in revenue--the highest level in 11 quarters--to robust sales of laptops and the iPod portable music player. Also, sales in the education market, a traditional stronghold for Apple, bucked industry analyst predictions and rose 5 percent from the previous year, said Fred Anderson, Apple's chief financial officer.

Apple said it shipped 770,000 Macintosh computers in the quarter.

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