Apple on Monday reported a 38 percent jump in revenue and a 31 percent gain in profit in its fiscal third quarter, mostly due to the strength...
Apple on Monday reported a 38 percent jump in revenue and a 31 percent gain in profit in its fiscal third quarter, mostly due to the strength in sales of its Macintosh line of computers.
For the quarter ended June 30, Apple said it had revenue of $7.5 billion, compared with $5.4 billion in the same quarter last year. Profit was $1.1 billion, or $1.19 a share, compared with $818 million, or 92 cents, last year. International sales accounted for 42 percent of the quarter’s revenue, Apple said.
Apple said it shipped 2.5 million Macintosh computers, up 41 percent from a year earlier. And the company saw a 12 percent jump in iPod sales, selling 11 million in the quarter.
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It sold 717,000 iPhones in the quarter, compared with 270,000 during the year-earlier period, which ended only two days after the iPhone first went on sale.
“We’re proud to report the best June quarter for both revenue and earnings in Apple’s history,” Apple Chief Executive Steve Jobs said in a statement.
“We set a new record for Mac sales, we think we have a real winner with our new iPhone 3G and we’re busy finishing several more wonderful new products to launch in the coming months.”
Apple said Jobs has no plans to leave the company and that his health is “a private matter.” The shares fell 10 percent.
“Steve loves Apple,” finance chief Peter Oppenheimer said when asked about Jobs’ health on a conference call Monday. “He serves as CEO at the pleasure of the board. He has no plans to leave Apple. Steve’s health is a private matter.”
Since Jobs, 53, took the stage in San Francisco last month to introduce the newest iPhone, speculation among attendees and bloggers has run rampant that he may be sick again after successful surgery for a form of pancreatic cancer in August 2004.
If Jobs were to leave for any reason, the stock would plummet 25 percent, said Gene Munster of Piper Jaffray. That would erase about $36 billion in Apple’s market value.
The company, maker of the best-selling iPod media player, the Macintosh computer and the iPhone handset, depends on Jobs for his fashion sense and technology savvy.
Apple spokeswoman Katie Cotton said after the event Jobs was suffering from a “common bug” and was taking antibiotics.
The stock, which gained $1.14 to end at $166.29 on Monday, dropped $16.59 in after-hours trading on disappointment about the company’s financial forecast.
Jobs, who co-founded Apple in 1976 with Steve Wozniak and returned as chief in 1997, may be more closely linked to the company’s prospects than any other CEO.
He revived sales of Apple’s flagship Macintosh, the personal computer that accounts for almost half of revenue. He conquered the digital-music industry with the iPod player and last year led the company into the mobile-phone market with the iPhone.
“He’s arguably the best CEO of his generation,” Morgan Keegan analyst Tavis McCourt said after Jobs’ appearance last month. “His record is just staggering.”
Under Jobs, profit jumped to almost $3.5 billion last year as sales topped $20 billion for the first time. Apple’s stock surged from less than $10 in 1997.
“The question is if Apple has anyone with that type of clarity and precision of vision who could replace Jobs now or in the future,” Oppenheimer analyst Yair Reiner in New York said after Jobs made his speech.
Analysts were concerned that the company would see sluggish sales as the economy struggles. But Apple, based in Cupertino, Calif., beat Wall Street expectations.
Analysts surveyed by Thomson Financial had expected the company to post earnings of $1.08 a share and revenue of $7.4 billion.
Apple’s shares have languished in the last month, declining 6 percent despite the introduction of the iPhone 3G — the latest version of the Web-surfing, media-playing and call-making device — and reports that Mac sales remained strong.
The July 11 launch of the iPhone 3G hit some technical bumps, but Apple said it sold 1 million iPhones in the first weekend. As of Monday, there were reports that the phone was largely unavailable nationwide.
And in its computer business, Apple appeared to have risen into the No. 3 position among U.S. computer sellers, trailing Dell and Hewlett-Packard. IDC said Apple was tied with Acer, and Gartner said it was alone in third.
Material from Bloomberg News was used in this report.