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发表于 2009-4-22 06:05 PM
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No impact from the global depression
Apple Tops Estimates on Sales of IPhone, New IPods (Update2)
April 22 (Bloomberg) --
Apple Inc. reported second-quarter profit and sales that topped analysts’ estimates after the iPhone and new versions of the iPod helped the company sidestep a slump in consumer spending.
Net income rose 15 percent to $1.21 billion, or $1.33 a share, Apple said today in a statement. Sales climbed 8.7 percent to $8.16 billion in the period, which ended March 28. Analysts predicted profit of $1.08 a share and sales of $7.95 billion, according to a Bloomberg survey.
Apple sold 3.79 million iPhones last quarter, double the year-earlier amount, as it introduced the device in more countries. The company also redesigned its iMac desktop computer and iPod Shuffle to maintain sales in the post-holiday period. Lower component prices allowed Apple to boost profit margins, even as the recession weighed on consumer shopping.
“I don’t know how they can defy the laws of physics with the gross margin,” said Gene Munster, an analyst with Piper Jaffray & Co. in Minneapolis. The iPhone is Apple’s most profitable product, with a gross margin of about 43 percent, he estimates. That compares to 35 percent for the Mac and 25 percent for the iPod, he said.
Apple, based in Cupertino, California, rose $4.29, or 3.5 percent, to $125.80 in late trading after the report was released. The shares, up 42 percent this year, had closed at $121.51 today on the Nasdaq Stock Market.
Lowball Numbers
Apple expects third-quarter sales to be $7.7 billion to $7.9 billion, with profit of 95 cents to $1 a share. Analysts on average had projected revenue of $8.25 billion and profit of $1.12, according to the Bloomberg survey. The company’s forecasts had missed Wall Street’s estimates in nine of the 10 previous quarters, Munster said.
Apple’s second-quarter gross margin, the percentage of sales remaining after taking out production costs, was 36.4 percent. That was up from 32.9 percent a year earlier, when the company had profit of $1.05 billion, or $1.16 a share.
Last quarter was Apple’s first without the day-to-day guidance of Chief Executive Officer Steve Jobs, who’s on a five- month medical leave. Chief Operating Officer Tim Cook is running the company in his absence.
Apple looks forward to Jobs’s return at the end of June, Oppenheimer said today.
IPhone Expansion
Sales of iPhone handsets generated $2.2 billion last quarter, Chief Financial Officer Peter Oppenheimer said today on a conference call. The phone is now available in 81 countries, up from six a year ago. Apple will delay recognizing revenue on iPhones sold after March 17 until after the company releases a new version of the phone’s software, he said. That software is due in the next few months.
Investors expect Apple to introduce more new products in June -- including a new iPhone, an iPod Touch media player with a larger screen, and possibly a tablet computer -- providing another sales boost, said Andy Hargreaves, an analyst with Pacific Crest Securities Inc. in Portland, Oregon.
“There’s so much focus on what they’re going to launch beginning in June that people will look through this quarter’s results and their guidance,” said Hargreaves, who expects the shares to outperform the market. The potential that new products will accelerate sales growth outweighs concerns about slowing consumer spending, he said. |
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发表于 2009-4-22 07:56 PM