Apple Profits Up 90% - InformationWeek

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4/20/2010
05:44 PM
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Apple Profits Up 90%

The company's strong fiscal second quarter sends its stock surging in after-hours trading.

Apple Inc. on Tuesday reported fiscal second quarter revenue of $13.50 billion and a net profit of $3.07 billion, far exceeding analysts' estimates.

Wall Street consensus had been $2.44 per share on an estimated $12.06 billion in revenue.

"We're thrilled to report our best non-holiday quarter ever, with revenues up 49% and profits up 90%," said Apple CEO Steve Jobs in a statement. "We've launched our revolutionary new iPad and users are loving it, and we have several more extraordinary products in the pipeline for this year."

The company said that it sold 2.94 million Macintosh computers during the quarter, a 33% increase from the same period a year ago.

It also said that it sold 8.75 million iPhones, a 131% increase, and 10.89 million iPods, a 1% decline.

Peter Oppenheimer, the company's CFO, projected revenue in the $13 billion to $13.4 billion range for Apple's third fiscal quarter.

Apple's stock, which was down about 1% on Tuesday, rebounded in after-hours trading. About two hours after Apple's earnings release, the company's stock had risen over 5%.

"We're seeing just incredible demand for iPhone," said COO Tim Cook in a conference call for investors. He singled out the Asia-Pacific region as a source of growth, noting that during the first half of the fiscal year just completed, Apple realized $1.3 billion in revenue from greater China.

The company did not provide sales figures for its new iPad line, though on Monday it said that it had delivered over 500,000 of the devices and that demand would force delays in delivery of iPads to international customers.

Earlier on Tuesday, Apple said that its Wi-Fi + 3G iPad models will be delivered to customers who pre-ordered on April

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