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Apple 3Q profit jumps 31 percent
Despite concerns of sluggish sales due to a troubled US economy, Apple today reported a 38 percent jump in revenue and a 31 percent gain in profit in its fiscal third quarter compared to a year ago – the best June quarter for both revenue and earnings in Apple’s history – thanks in no small part to the strength in sales of its Macintosh line of computers.
The company said revenue rose to $7.46 billion in the quarter ended June 28, and profits reached $1.07 billion, or $1.19 a share. Apple said it shipped 2.5 million Macintosh computers, up a whopping 41 percent from a year earlier. While iPod sales have been expected to begin flattening out, the company managed to move 11 million units during the quarter, for a rather unexpected year-over-year growth of 12 percent. Apple also said it sold 717,000 iPhones, compared with 270,000 a year ago. Interestingly, the iPhone does not appear to have cannibalized iPod sales, though the lower-priced iPhone 3G may change that beginning in the coming quarter.
Apple CEO Steve Jobs also took the occasion to tease fans about several unnamed new products that will supposedly launch “in the coming months.” The company’s shares nevertheless fell 9 percent in after-hours trading after revealing one of its typically conservative fourth-quarter earnings forecasts, where it said revenue would reach $7.8 billion and earnings would be about $1 a share.
The company said revenue rose to $7.46 billion in the quarter ended June 28, and profits reached $1.07 billion, or $1.19 a share. Apple said it shipped 2.5 million Macintosh computers, up a whopping 41 percent from a year earlier. While iPod sales have been expected to begin flattening out, the company managed to move 11 million units during the quarter, for a rather unexpected year-over-year growth of 12 percent. Apple also said it sold 717,000 iPhones, compared with 270,000 a year ago. Interestingly, the iPhone does not appear to have cannibalized iPod sales, though the lower-priced iPhone 3G may change that beginning in the coming quarter.
Apple CEO Steve Jobs also took the occasion to tease fans about several unnamed new products that will supposedly launch “in the coming months.” The company’s shares nevertheless fell 9 percent in after-hours trading after revealing one of its typically conservative fourth-quarter earnings forecasts, where it said revenue would reach $7.8 billion and earnings would be about $1 a share.
User Comments (3)
Post a comment| 9Nails on July 21, 2008 8:42 PM | I'd certainly blame schools for Apple's sales efforts. As many schools close their budget in June, they are faced with spend-it or lose-it money and tend to throw cash at Apple PC's which are steeply discounted. It's the market which Apple has dominated for many years and continues to do well in. The main reason for this is that software is expensive to replace so switching to Windows is more expansive than just buying a computer and it's harder to find good educational titles that schools need for Windows based PC's.
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| windmill007 on July 23, 2008 8:23 AM | Apple....why does anyone buy there over priced stuff? If no one did apple would be forced to lower prices to reality because they are a monopoly. They are so closed its not even funny. How do they get away with it as much as they do is beyond me. Sure they have some cool stuff but since its so closed they can charge a major premium. No thanks! As much as I hate Microsoft I hate Apple 10X more. Glad Microsoft is around with windows or we would be in bad shape.
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| Didou on July 23, 2008 11:07 AM | Originally posted by windmill007: Apple....why does anyone buy there over priced stuff? Because it works well & is worth the price for the people who buy it ? If you don't like it, don't buy it & move on.
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