updated 04:50 pm EDT, Wed April 20, 2011
iPad sales lower than forecasts
Apple has released the results of its second fiscal quarter, which ended on March 26th. Revenue hit $24.67 billion, up 83 percent from $13.5 billion in the same quarter last year. Net income rose to $5.99 billion, or about $6.40 a share, as compared to $3.07 billion and $3.33 last year. Gross margins were down slightly from 41.7 percent to 41.4. International sales represented 59 percent of revenue, Apple says. For the June quarter the company is guiding to revenue of $23 billion, with an EPS of $5.03.
Helping to drive profits was the iPhone, which achieved a massive 113 percent growth in sales to sit at 18.65 million units. Mac sales climbed 28 percent to 3.76 million. iPods continued their decline, sliding 17 percent to 9.02 million units. iPad sales were 4.69 million, notably lower than many analyst forecasts but roughly in line with Asymco estimates.
"With quarterly revenue growth of 83 percent and profit growth of 95 percent, we're firing on all cylinders," reads a prepared statement from Apple CEO Steve Jobs. CFO Peter Oppenheimer adds more detail. "We are extremely pleased with our record March quarter revenue and earnings and cash flow from operations of over $6.2 billion," he comments.