Apple Earns $US6b Despite iPad Sales Decline

iPad sales may have dropped 19 per cent between the Christmas quarter and this most recent one, but that didn't stop Apple from setting record second-quarter revuenes and earnings.

Apple Reports Second Quarter Results

Record March Quarter Drives 83 Percent Revenue Growth, 95 Percent Profit Growth

Record iPhone Sales Grow 113 Percent

CUPERTINO, Calif.—(BUSINESS WIRE)—AppleĀ® today announced financial results for its fiscal 2011 second quarter ended March 26, 2011. The Company posted record second quarter revenue of $US24.67 billion and record second quarter net profit of $US5.99 billion, or $US6.40 per diluted share. These results compare to revenue of $US13.50 billion and net quarterly profit of $US3.07 billion, or $US3.33 per diluted share, in the year-ago quarter. Gross margin was 41.4 percent compared to 41.7 percent in the year-ago quarter. International sales accounted for 59 percent of the quarter's revenue.

"We will continue to innovate on all fronts throughout the remainder of the year."

Apple sold 3.76 million Macs during the quarter, a 28 percent unit increase over the year-ago quarter. The Company sold 18.65 million iPhones in the quarter, representing 113 percent unit growth over the year-ago quarter. Apple sold 9.02 million iPods during the quarter, representing a 17 percent unit decline from the year-ago quarter. The Company also sold 4.69 million iPads during the quarter.

"With quarterly revenue growth of 83 percent and profit growth of 95 percent, we're firing on all cylinders," said Steve Jobs, Apple's CEO. "We will continue to innovate on all fronts throughout the remainder of the year."

"We are extremely pleased with our record March quarter revenue and earnings and cash flow from operations of over $US6.2 billion," said Peter Oppenheimer, Apple's CFO. "Looking ahead to the third fiscal quarter of 2011, we expect revenue of about $US23 billion and we expect diluted earnings per share of about $US5.03."