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Apple Swings to Record Q2 Revenue and First Profit Drop in 10 Years

Apr 24 2013, 1:21am CDT | by , in News | Apple

Apple Swings to Record Q2 Revenue and First Profit Drop in 10 Years
 
 

Apple revealed solid numbers for the Q2 quarter, but as expected profit dropped for the first time in a decade. Apple has though an answer for investors.

Apple announced its Q2 Earnings and they are solid but contain the first profit drop in a decade due to sharply falling gross margins. Apple posted quarterly revenue of $43.6 billion and quarterly net profit of $9.5 billion, or $10.09 per diluted share. These results compare to revenue of $39.2 billion and net profit of $11.6 billion, or $12.30 per diluted share, in the year-ago quarter. Gross margin was 37.5 percent compared to 47.4 percent in the year-ago quarter. International sales accounted for 66 percent of the quarter’s revenue.

Apple sold 37.4 million iPhones in the quarter, compared to 35.1 million in the year-ago quarter. Apple also sold 19.5 million iPads during the quarter, compared to 11.8 million in the year-ago quarter. The Company sold just under 4 million Macs, compared to 4 million in the year-ago quarter.

“We are pleased to report record March quarter revenue thanks to continued strong performance of iPhone and iPad,” said Tim Cook, Apple’s CEO. “Our teams are hard at work on some amazing new hardware, software, and services and we are very excited about the products in our pipeline.”

“Our cash generation remains very strong, with $12.5 billion in cash flow from operations during the quarter and an ending cash balance of $145 billion,” said Peter Oppenheimer, Apple’s CFO.

Apple will use its cash to please investors. Apple will give investors $100 billion until the end of 2015. The company raises the dividend by 15% and will buyback stock for $60 billion. Tim Cook told investors to look at Apple as now a mature technology company and not as a fast paced startup.


Apple's CEO has also something for Apple fanboys. There are a lot of surprises in the works he said. Those surprises will come in the fall and in 2014. This really looks like that Apple will keep it calm until fall and not much will be coming out in Spring and Summer.

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