Powered by iPhone, iPad sales Apple profits soar
CUPERTINO, California - Global technology major Apple has reported 59% jump in revenues to $39.2 billion in the March quarter, largely powered by stronger-than-expected sales of the iPhone and iPads.
The company sold 35.1 million iPhones in the quarter, representing 88 per cent unit growth over the year-ago quarter, while the sale of 11.8 million iPads during the same period represented a 151 per cent unit increase.
"We're thrilled with sales of over 35 million iPhones and almost 12 million iPads in the March quarter," said Tim Cook, Apple's CEO in a statement Tuesday. "The new iPad is off to a great start, and across the year you're going to see a lot more of the kind of innovation that only Apple can deliver."
In the case of Macs, the company recorded 4 million sales during the quarter, a 7 per cent unit increase over the year-ago quarter but the 7.7 million iPods sales represented a 15 per cent unit decline.
The company posted quarterly revenue of $39.2 billion and quarterly net profit of $11.6 billion, or $12.30 per diluted share in the second quarter ended March 31, 2012.
These results compare well with the revenue of $24.7 billion and net profit of $6.0 billion, or $6.40 per diluted share, in the year-ago quarter. The gross margin was 47.4 per cent compared to 41.4 per cent in the year-ago quarter. International sales accounted for 64 percent of the quarter's revenue.
On a call with analysts, Apple CEO said the PC market is slow overall, and there was likely some cannibalization from the iPad, but that the Mac still outperformed the rest of the market.
He was also dismissive of the idea of combining a laptop and tablet, like some rivals have done. He said such designs end up making design trade-offs that don't please users of either tablets or laptops.
Cook also dismissed concerns that phone companies aren't satisfied subsidizing each new iPhone by hundreds of dollars, and are trying to curb iPhone upgrades by their subscribers. ATT Inc.'s morning earnings report provided signs that the company is doing just that.
"iPhone is the best smartphone on the planet to entice the customer who is currently using a traditional mobile phone to upgrade to a smartphone." Cook said.
Apple shares jumped 7% in after-hours trading following the report. The stock had been in tailspin, shedding 13% since topping out at an all-time high of $644 on April 10.
"With these strong results, it sets up the company very well for the months ahead, with the iPhone 5 coming," said Mike Walkley of Canaccord.
As per usual practice, Apple offered highly conservative guidance for the current quarter that was below analysts' forecasts.
"Looking ahead to the third fiscal quarter, we expect revenue of about $34 billion and diluted earnings per share of about $8.68," said Peter Oppenheimer, Apple's CFO.
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