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News : Innovation Last Updated: Apr 26, 2011 - 3:58 AM


Apple reports 83% revenue growth, 95% profit growth record; iPhone sales up 113% in quarter
By Finfacts Team
Apr 21, 2011 - 6:16 AM

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Apple on Wednesday announced a stunning  fiscal 2011 second quarter, which  ended March 26, 2011, with 83% revenue growth, 95% profit growth record and iPhone sales up 113%.

The company reported record second quarter revenue of $24.67bn and record second quarter net profit of $5.99bn, or $6.40 per diluted share. These results compare to revenue of $13.50bn and net quarterly profit of $3.07bn, or $3.33 per diluted share, in the year-ago quarter. Gross margin was 41.4% compared to 41.7% in the year-ago quarter. International sales accounted for 59% of the quarter’s revenue.

On a conference call, Tim Cook, Apple's chief operating officer, said: "Apple employees have literally been working around the clock with our supplier partners in Japan and have been able to implement a number of contingency plans." He said  there were "some supply risks" beyond the current quarter, but there was "no issue today that we view as unsolvable."

On Steve Jobs, 56 years old co-founder, who has had pancreatic cancer in the past, a live transplant and is on medical leave, Cook said he continues to be involved in major strategic decisions in the company.

"He is still on medical leave, but we do see him on a regular basis. And as we previously said, he continues to be involved in major strategic decisions. I know he wants to be back full-time as soon as he can."

Apple sold 3.76m Macs during the quarter, a 28% unit increase over the year-ago quarter. The company sold 18.65m iPhones in the quarter, representing 113% unit growth over the year-ago quarter. Apple sold 9.02m iPods during the quarter, representing a 17% unit decline from the year-ago quarter. The company also sold 4.69m iPads during the quarter.

“With quarterly revenue growth of 83% and profit growth of 95%, we’re firing on all cylinders,” said Steve Jobs. “We will continue to innovate on all fronts throughout the remainder of the year.”

“We are extremely pleased with our record March quarter revenue and earnings and cash flow from operations of over $6.2bn,” said Peter Oppenheimer, Apple’s CFO. “Looking ahead to the third fiscal quarter of 2011, we expect revenue of about $23bn and we expect diluted earnings per share of about $5.03.”

Results detail

Apple's results and outlook pushed up its shares in after-hours trading by 3.9% to $355.69 after closing at 4 p.m. at $342.41. The market capitalisation was $315.45bn compared with Microsoft's $216.45bn and Dell's $28.94bn.

In 1997, Michael Dell advised the reinstalled Steve Jobs, to wind down Apple and return anything left to its shareholders.

SEE more here: Finfacts May 2010; Apple overtakes Microsoft as the world's most valuable technology company

Apple Releases Q2 Earnings:

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© Copyright 2011 by Finfacts.com

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