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Apple Q2 Results: $11.6B Profit; Sells 35.1M iPhones, 11.8M iPads

Apple announced financial results for its second quarter of the fiscal year 2012, ended March 31,2011. The company reported a net profit of $11.6 billion, a decrease compared to last quarter’s profits of $13.06 billion, but a major growth of 94% compared to profits of $6 billion, in the year-ago quarter. The company’s quarterly revenue rose to $ 39.2 billion in the quarter, an increase of 59% compared to $24.7 billion that it reported in the same quarter, last year. International sales accounted for 64 percent of the quarter’s revenue.

– iPhones:  35.1 million sold during the quarter, up 88% year on year. Previous quarter, Apple had sold 37.04 million iPhones
– iPads:   11.8 million sold during the quarter, a 151% increase year on year. Last quarter, Apple had sold 15.43 million iPads.
– iPods:  7.7  million sold during the quarter, down 15% year on year. 15.4 million iPods were sold in the last quarter.
– Macs:  4 million sold during the quarter, a 7% unit increase over the year-ago quarter. This is a decrease over the previous quarter, when Apple had sold 5.2 million Macs.
– Gross margin was 47.4 percent compared to 41.4 percent in the year-ago quarter.

Notes from Apple’s Investor Conference Call:

– On building a converged device on the lines of Windows 8 powered tablets, Apple CEO Tim Cook said that he believes that people had different requirements, and that there was a good market for the MacBook Air, but the company wants to address both markets-tablets and ultrabooks/portable notebooks. ” I think, Tony, anything can be forced to converge. But the problem is that products are about trade-offs, and you begin to make trade-offs to the point where what you have left at the end of the day doesn’t please anyone. You can converge a toaster and a refrigerator, but those things are probably not going to be pleasing to the user. And so our view is that the tablet market is huge. And we’ve said that since day one. We didn’t wait until we had a lot of results.”

– On patent related litigation: “I’ve always hated litigation, and I continue to hate it. We just want people to invent their own stuff. And so if we could get to some kind of arrangement where we could be assured that’s the case and a fair settlement on the stuff that’s occurred, I would highly prefer to settle versus battle. But it — the key thing is that it’s very important that Apple not become the developer for the world. We need people to invent their own stuff,” said Tim Cook

– In February, Apple released the developer preview of Mountain Lion, the ninth major release of its desktop OS, Mac OS X. Mountain Lion will bring popular apps and features from iPad to the Mac, including Messages, Notes, Reminders, Game Center, Notification Center, Share Sheets, Twitter integration and AirPlay Mirroring, and the OS is expected to be available from the Mac App Store in late summer, this year.

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– Apple sold over 365 million iOS devices so far, out of which over 50 million were sold in the last quarter. Cook pointed out that there was no transparent reporting available for Android devices. He also did not dismiss Windows Phone as a competition.

– iPod Touch continues to be the most popular iPod accounting for half of all iPod sales, and the company has a 70% market share in the MP3 player market in the US.

– In the last fiscal year, Apple sold a bit above 2.8 million units of  Apple TV, and in December quarter it sold 1.4 million units.

– Apple informed that around 1.5 million iPads were already in use in education institutions- as of date, over 3 million copies of iTunes U app have been downloaded. 600,000 copies of iBooks Author, its most recent ‘ebook creator’ product, have already been downloaded. Cook dismissed competition including Amazon’s Kindle Fire by saying ” people want to do multiple things with a tablet, and we don’t see limited functions of other tablets and e-readers being in the same category. Customers will buy those, they’ll sell a fair amount, but people who want iPads won’t settle for limited functions.”

– Apple’s cloud service, iCloud, has 125 million customers.

– The present count of apps in the iTunes App Stores is at 600,000 apps, out of which 200,000 apps are for iPad.

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–  Apple has so far paid $4 billion cumulative to app developers. $700 million was paid to developers in the last quarter.

– iTunes Store, which also includes music and video downloads, did $1.9 billion in revenue in the quarter, a 35% YoY increase, and offers over 28 million songs.

– The company has $110.2 billion in cash at end of March, compared to $97.6 billion at end of the last quarter, an increase in $12.6 billion.

Targets for Next Quarter

For the next quarter, Apple expects revenues of $34 billion, compared to $28.6 billion for Q3 2011, and diluted earnings per share of about $8.68.

Release | Conference Call Transcript on Seeking Alpha

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