Apple posts record profits for March quarter

Apple today announced revenue of $5.26 billion and net quarterly profit of $770 million, or $.87 per diluted share for it fiscal 2007 second quarter ended March 31, 2007. These results, the best March quarter in Apple's history, compared to revenue of $4.36 billion and net quarterly profit of $410 million, or $.47 per diluted share, in the year-ago quarter. Sales were driven by strong retail, Mac, and iPod sales, and drove profits up by 88 percent from the year-ago quarter. Gross margin was 35.1 percent, up from 29.8 percent in the year-ago quarter, while international sales accounted for 43 percent of the quarter's revenue. Apple said shipped 1,517,000 Macs and 10,549,000 iPods during the quarter, representing 36 percent growth in Macs and 24 percent growth in iPods over the year-ago quarter.

"The Mac is clearly gaining market share, with sales growing 36 percent -- more than three times the industry growth rate," said Steve Jobs, Apple's CEO. "We're very excited about the upcoming launch of iPhone in late June, and are also hard at work on some other amazing new products in our pipeline."

"We are very pleased to report the most profitable March quarter in Apple's history," said Peter Oppenheimer, Apple's CFO. "Looking ahead to the third fiscal quarter of 2007, we expect revenue of about $5.1 billion and earnings per diluted share of about $.66."

Filed under: Apple