Apple continued to show resilience in the face of the deep global recession today, beating Wall Street’s expectations and reporting its best non-holiday quarterly earnings in the company’s history.
The Cupertino company posted third-quarter revenue of US$8.34bn and a net quarterly profit of US$1.23bn, or US$1.35bn per diluted share.
This is compared to revenue of US$7.46bn and net quarterly profit of $1.07bn, or US$1.19 per diluted share, reported in the same quarter of 2008.
Sales of Apple’s ground-breaking smartphone, the iPhone, accounted for much of the company’s success in the third quarter. The company sold 5.2 million iPhones during the quarter, which represents a whopping 626pc unit growth over the same quarter in 2008.
Despite the hammering PC sales are taking globally, Apple’s Macintosh computers saw 4pc growth in the third quarter, with some 2.6 million Macintosh computers sold.
However, iPod sales saw a drop of 7pc on the previous quarter in 2008, with 10.2 million of the MP3 players sold during Q3 2009.
International sales accounted for 44pc of the quarter’s revenue, Apple said.
“We’re making our most innovative products ever and our customers are responding,” said Steve Jobs, Apple’s CEO.
“We’re thrilled to have sold over 5.2 million iPhones during the quarter and users have downloaded more than 1.5 billion applications from our App Store in its first year.”
“We’re extremely pleased to report record non-holiday quarter revenue and earnings and quarterly cash flow from operations of US$2.3bn,” said Apple’s CFO, Peter Oppenheimer,.
“Looking ahead to the fourth fiscal quarter of 2009, we expect revenue in the range of about US$8.7bn to US$8.9bn and we expect diluted earnings per share in the range of about US$1.18 to US$1.23.”
Article courtesy of businessandleadership.com