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Apple Q3 Results: $8.8B Profit; Sells 26M iPhones, 17M iPads; India Not A Priority

Apple announced financial results for its third quarter of the fiscal year 2012, ended June 30th,2012. The company reported a net profit of $8.8 billion, a decrease compared to last quarter’s profits of $11.6 billion, but a growth of 20.5% compared to profits of $7.3 billion, in the year-ago quarter. The company’s quarterly revenue rose to $35 billion  in the quarter, an increase of 22.3% compared to $28.6 billion that it reported in the same quarter, last year. However, it declined compared to last quarter’s revenues of $ 39.2 billion. International sales accounted for 62 percent of the quarter’s revenue.

– iPhones:  26 million  sold during the quarter, up 28% year on year. Previous quarter, Apple had sold 35.1 million iPhones
– iPads:   17 million sold during the quarter, an 84% increase year on year. Last quarter, Apple had sold 11.8 million iPads.
– iPods:  6.8 million sold during the quarter, down 10% year on year. 7.7 million iPods were sold in the last quarter.
– Macs:  4 million sold during the quarter, a 2% unit increase over the year-ago quarter. There is no change in Mac sales over the previous quarter.
– Gross margin was 42.8 percent compared to 41.7 percent in the year-ago quarter.

Notes from Apple’s Investor Conference Call:

– Love India but Apple has higher potential in other markets: On being asked about how Apple sees India as an opportunity, Apple CEO Tim Cook responded that he loved India but Apple has ‘higher potential in the intermediate term in some other countries’. He said that Apple has business in the Indian market, and that it was growing but the multilayer distribution in the market adds to the cost of getting products there. He did say that it didn’t mean that the company was not emphasizing on the market.

– iTunes Store, which also includes music and video downloads, did $1.8 billion in revenue in the quarter, and offers over 20 million songs. Apple launched the iTunes Store in 12 countries including Hong Kong, Singapore, and Taiwan last month (excluding India).

– iTunes U: Over 40 million downloads of the iTunes U app. Over 700 located 12 schools and districts and over 125 colleges and universities have enrolled in the iTunes U program, while over 750 new courses have been published.

– iPhone sales: Apple ended the quarter with about 8.3 million iPhones in channel inventory, a sequential decline of about 300,000 iPhones, and remained within its target range of four to six weeks of iPhone channel inventory. Recognized revenue from iPhone handset and accessory sales was $16.2 billion during the quarter compared to $13.3 billion in the year ago quarter, an increase of 22%. On decline in iPhone sales, apple mentioned that its weekly iPhone sales continue to be impacted by rumors and speculation regarding new products, and that it expects to have a year-over-year increase in sales in the September quarter.

– iPad Sales: Recognized revenue from sales of iPad and iPad accessories during the quarter was $9.2 billion compared to $6.0 billion in the year ago quarter, an increase of 52%. Apple ended the quarter with about 3.2 million iPads in channel inventory, a sequential increase of about 1.2 million units, which leaves it just within its target range of four to six weeks of iPad channel inventory.

– iOS deveice sales: Combining iPhones, iPad and iPod touch, Apple surpassed $410 million cumulative iOS device sale, selling more than $45 million in the June quarter.

– App Store: Apple operates App Stores in 155 countries. The App Store now offers more than 650,000 apps including over 225,000 apps specifically for iPad.

– Apple has so far paid $5.5 billion cumulative to app developers. $1.5 billion was paid to developers in the last quarter taking into account $4 billion cumulative payments till last quarter.

– iCloud: since its launch in October, – Apple’s cloud service, iCloud, has 150 million customers.

– iOS6 : In June, Apple previewed the iOS 6 at WWDC, The company believes that iOS 6 will significantly enhance the experience of one even iPhone, iPad or iPod touch when it releases this fall.

– Apple TV: Apple sold 1.3 million Apple TVs, last quarter, up over a 170% year-over-year, and it brings its fiscal year to 4 million units.

– The company has $117.2 billion in cash at end of June, compared to $110 billion at end of the last quarter, an increase in $7.2 billion.

Targets for Next Quarter

For the next quarter, Apple expects revenues of $34 billion, compared to $28.3 billion for Q4 2012, and diluted earnings per share of about $7.65.

Release | Conference Call Transcript on Seeking Alpha

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