updated 04:25 pm EDT, Wed April 16, 2003
Apple today posted a net profit of $14 million, or $.04 per diluted share for its fiscal 2003 second quarter ending March 29, 2003. These results compare to a net profit of $40 million, or $.11 per diluted share, in the year-ago quarter. Revenues for the quarter were $1.475 billion, down 1 percent from the year-ago quarter, and gross margins were 28.3 percent, up from 27.4 percent in the year-ago quarter. International sales accounted for 47 percent of the quarter's revenues. Apple said it shipped 711,000 Macs during the quarter: "Our 'year of the notebook' is off to a great start, led by the incredible demand for our new aluminum 12-inch and 17-inch PowerBook G4s...This quarter over 40 percent of the Macs we shipped were notebooks -- our highest percentage ever and well ahead of the industry average." Analysts had expected a profit of $0.02 per share.
Apple said it hit its revenue target for the second quarter while maintaining channel inventories under 4.5 weeks: "Continued strong asset management enabled us to increase cash to over $4.5 billion. Looking ahead to the third quarter of 2003, we expect revenue to be relatively flat with the March quarter and expect a slight profit for the quarter," said Fred Anderson, Apple's CFO.