Apple announced yet another record second quarter revenue of $24.67 billion (up 83% compared to the year-ago quarter) and record second quarter net profit of $5.99 billion, or $6.40 per diluted share. These results compare to revenue of $13.50 billion and net quarterly profit of $3.07 billion, or $3.33 per diluted share, in the year-ago quarter. iPhone sales are stunning at 18.65 million (up 113% compared to the year-ago quarter) and Mac sales are 3.76 million (up 28% compared to the year-ago quarter). The only Apple product that sold much less than expected is the iPad. Analyst estimates saw iPad sales around 6m. Apple announced yesterday sales of 4.69m iPads.
So what happened? For one, Apple could not make enough iPad 2 tablets to satisfy demand. Online shipping had at times a 4-5 week delay. The other reason is that consumers held off buying a first generation iPad last quarter amidst the expected launch of the new iPad 2.
Apple said that they will fix the iPad 2 supply issue in the next quarter and will launch the iPad 2 in 13 more countries next week. AppleInsider reports that analyst Ming-Chi Kuo of Concorde Securities predicts more than double iPad sales in Q3.
The iPad 2 has to compete this quarter with more Tablets including the BlackBerry Playbook, and the LG G-Slate. If Apple fixes the supply issues with the iPad than a sales figure above 9 million is possible.