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Wednesday, April 24, 2013
Apple's Profit Decreased

Apple reported Tuesday that its quarterly profit dipped as the company makes less money from its popular iPhone and iPads.

For the fiscal 2013 second quarter ended March 30, 2013, Apple posted quarterly revenue of $43.6 billion and quarterly net profit of $9.5 billion, or $10.09 per diluted share. These results compare to revenue of $39.2 billion and net profit of $11.6 billion, or $12.30 per diluted share, in the year-ago quarter. The company said its gross margin, or the amount of money it makes in profit from its devices, shrank to 37.5% from 47.5%. International sales accounted for 66 percent of the quarter?s revenue.

Apple said it sold 37.4 million iPhones in the quarter, compared to 35.1 million in the year-ago quarter. Apple also sold 19.5 million iPads during the quarter, compared to 11.8 million in the year-ago quarter. The company sold just under 4 million Macs, compared to 4 million in the year-ago quarter. Sales of iPod MP3 players dropped by more than a million to 5.6 million. The iTunes shop also pulled in more than four billion dollars in revenue in the first three months of the year, setting a new record, according to Apple.

In the longer term, Apple may need another blockbuster gadget to accelerate its momentum.

"We are pleased to report record March quarter revenue thanks to continued strong performance of iPhone and iPad," said Tim Cook, Apple?s CEO. "Our teams are hard at work on some amazing new hardware, software, and services and we are very excited about the products in our pipeline."

Apple also said it would return $100 billion to shareholders by the end of 2015, in part by raising its dividend 15 percent and in part by increasing its share buyback program six-fold to $60 billion.

"Our cash generation remains very strong, with $12.5 billion in cash flow from operations during the quarter and an ending cash balance of $145 billion," said Peter Oppenheimer, Apple?s CFO.

Apple also providing guidance for its fiscal 2013 third quarter. The company expects revenue between $33.5 billion and $35.5 billion; gross margin between 36 percent and 37 percent; operating expenses between $3.85 billion and $3.95 billion; other income/(expense) of $300 million and; tax rate of 26%.

Apple also today announced that it will hold its annual Worldwide Developers Conference (WWDC) June 10 through June 14 at San Francisco?s Moscone West.

At the five-day conference, developers will learn about the future of iOS and OS X. WWDC will also feature more than 100 technical sessions presented by over 1,000 Apple engineers, hands-on labs to help developers integrate new technologies, as well as the popular Apple Design Awards, a showcase of apps available through the App Store and Mac App Store. Tickets for this year?s WWDC go on sale Thursday, April 25 at 10 a.m. PDT.

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