Friday, November 16,2007 @ 5:00pm
Apple publishes FY2007 financial results
Apple has published a report on its 2007 fiscal year, revealing a number of critical facts about the company. The company accumulated approximately $24 billion in revenue for the year, creating $3.5 billion in net profit; this marks an improvement over 2006's figures of $19.3 in revenue and $2 billion in profit, although it implies that growth was not proportional. The company is now also controlled by 30,336 shareholders, of whom CEO Steve Jobs is only second with over 5.5 million shares; the biggest investor is Fidelity Investments, which owns nearly 56.6 million shares.
Jobs is joined in the board of directors by William Campbell, Arthur Levinson, Jerome York, Millard Drexler, Al Gore and Eric Schmidt. The group's Compensation Committee, composed of Campbell, Drexler and Gore, has recommended that Jobs accept a real salary in FY2008; presently, Jobs receives token pay of $1 per year, the rest of his income coming from share dividends.
Apple's suppliers have changed somewhat: while many of the key companies remain, such as ATI, Hitachi, LG.Philips and Samsung, it has added three new companies, mainly Infineon, Murata Manufacturing and National Semiconductor. Factories continue to be spread around the world, but the report notes that iPods, MacBooks and the iPhone are effectively built entirely in China.
In terms of expenses, these included $1.1 billion in rent for 197 retail stores, $782 million in research and development, and $467 million in advertising. Apple paid its NAND flash suppliers an advance of $1.25 billion during 2006, but as of September 29th 2007, only $208 million of this had been consumed.
Roughly 9,000 new full-time employees have been hired since 2006, for a total or 21,600. The company has meanwhile reduced its temporary workforce to 2,100, a drop of 300 from last year.