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Apple Q3 Results: $7.31B Profit; Sells 20.34M iPhones, 9.25M iPads

Cupertino, USA, based Apple Inc announced financial results for its third quarter of the fiscal year 2011, ended June 25,2011. The company reported a record net profit of $7.31 billion, a growth of 125% compared to profits of $3.25 billion, in the year-ago quarter. The company’s quarterly revenue rose to $28.57 billion in the quarter, an increase of  82% compared to $15.70 billion that it reported in the same quarter, last year. International sales accounted for 62 percent of the quarter’s revenue.

– iPhones: 20.34 million sold during the quarter, up 142% year on year. Previous quarter, Apple had sold 18.65 million iPhones
– iPads: 9.25 million sold during the quarter, a 183% increase year on year. Last quarter, Apple had sold 4.69 million iPads.
– iPods: 7.54 million sold during the quarter, down 20% year on year, with iPod touch being over 50% of all iPods sold. 9.02 million iPods were sold in the last quarter.
– Macs: 3.95 million sold during the quarter, a 14% unit increase over the year-ago quarter. This is a minor improvement over the previous quarter, when Apple had sold 3.76 million Macs.
– Gross margin was 41.7 percent compared to 39.1 percent in the year-ago quarter.

Notes from Apple’s Investor Conference Call:

– On device activations, Apple Chief Operating Officer Tim Cook said that Google’s recent numbers for Android are difficult to compare because Apple sold over 33 million iOS devices in the June quarter, and that the company reports these numbers on a quarterly basis.

– The iTunes Store had revenues of about $1.4 billion in the last quarter, with strong sales of music, video and apps.

–  Recognized revenue from iPhone sales was $13.3 billion, up from $5.3 billion, or an increase of 150%, with quadrupled sales in the Asia-Pacific region. Manufacturing capacity has been increased and the iPhone is now available on 228 carriers in 105 countries. Apple now has 5.9 million iPhones in its inventory, enough to meet a demand of approximately 4-6 weeks.

– 91% of Fortune 500 companies are now deploying or testing the iPhone, up from 88% last quarter. 57% of global 500 companies are either deploying or testing the iPhone.

– The iPad is being distributed in 64 countries with revenue of $6 billion for the iPad versus $2.2 billion one year ago. Apple ended with 1.05m iPads in channel inventory, well below the target range of 4-6 weeks.

– Over 86% of Fortune 500 companies are testing and deploying the iPad along with strong international adoption—47% of the global 500.

– On the prepay market, Cook said that the company needed to make inroads into the market to have volumes, and has to do a lot more in expanding channels for the device.

– Cook said that some iPad purchases are being inevitably made instead of a Mac, but this is certainly good for the company since more customers are buying an iPad inplace of a Windows-based PC.

Targets for next quarter

– Apple expects revenues of about $25 billion and diluted earnings per share of about $5.50, in the next quarter.

– It expects the gross margin to be 38 percent and operating expenditure to be 2.725 billion.

– A “future product transition” will affect the company’s fall quarter, pointing out to the introduction of new iPhone and Mac devices, which might affect sales to an extent.

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