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Apple Q4 Results: $8.2B Profit; Sells 26.9M iPhones, 14M iPads; On iPad Mini

Apple announced financial results for its fourth quarter of the fiscal year 2012, ended September 29th,2012. The company reported a net profit of $8.2 billion, a minor decrease compared to last quarter’s profits of $8.8 billion, but a growth of 24.2% compared to profits of $6.6 billion, in the year-ago quarter. The company’s quarterly revenue rose to $36 billion  in the quarter, an increase of 27.2% compared to $28.3 billion that it reported in the same quarter, last year, and a minor increase compared to last quarter’s revenues of $ 35 billion. International sales accounted for 60 percent of the quarter’s revenue.

– iPhones:  26.9 million  sold during the quarter, up 58% year on year. Previous quarter, Apple had sold 26 million iPhones
– iPads:   14 million sold during the quarter, an 26% increase year on year. Last quarter, Apple had sold 17 million iPads.
– iPods:  5.3 million sold during the quarter, down 19% year on year. 6.8 million iPods were sold in the last quarter.
– Macs:  4.9 million sold during the quarter, a 1% unit increase over the year-ago quarter. It sold 4 million Macs in the last quarter.
– Gross margin was 40 percent compared to 40.3 percent in the year-ago quarter.

Notes from Apple’s Investor Conference Call:

– On Microsoft’s Surface: Apple CEO, Tim Cook called the Surface a ‘a fairly compromised confusing product’ and said that the consumers would continue to choose the iPad over it.

– New Mac launches: Earlier this week, Apple introduced a new design for its iMac desktop computer, offering a new display with reduced reflection and a much slimmer aluminum and glass enclosure. It also introduced a thinner and lighter version of the 13-inch MacBook Pro portable, featuring a retina display and flash storage.

– Refreshed iPad and new iPad Mini: Earlier in the week, Apple introduced the fourth generation iPad with the same 9.7-inch Retina display, but with a new A6 processor, which according to Apple, offer twice the performance of the iPad it announced earlier this year. It also sports Apple’s new ‘lightning’ connector. Apple also introduced the iPad Mini, a thinner, lighter, and smaller iPad which sports a 7.9 inch screen, Apple’s lightning connector. and A5 – Dual-Core, processor.

– On iPad Mini pricing:  Apple CFO Peter Oppenheimer said that Apple didn’t set out the bill to small cheap tablet, it set out the bill to smaller iPad that offers the full iPad experience as its customers would expect. As a result, the difference between the iPad Mini and the competition was profound. He compared the specs and the materials used, and said that the iPad Mini has higher costs and the gross margin was significantly below Apple’s cooperate average.

– iPhone 5 & New iPods: Apple started shipping its newest iPods as of two weeks ago. Apple had announced iPhone 5, unveiled a new iPod Touch and iPod Nano range and released new versions of iTunes for Mac and Windows in September.

– iPhone sales: Apple ended the quarter with about 9.1 million iPhones in channel inventory, a sequential increase of about 800,000 iPhones, and ended the quarter below its target range of four to six weeks of iPhone channel inventory on a look-forward basis. Recognized revenue from iPhone handset and accessory sales was $17.1 billion during the quarter compared to $11 billion in the year ago quarter, an increase of 56%.

– iPad Sales: Recognized revenue from sales of iPad and iPad accessories during the quarter was $7.5 billion compared to $6.9 billion in the year ago quarter, an increase of 9%. Apple ended the quarter with about 3.4 million iPads in channel inventory, a sequential increase of about 200,000 units, which leaves as just over four weeks of iPad channel inventories, target on a look-back basis.

– iOS device sales: Combining iPhones, iPad and iPod touch, Apple sold 44 million iOS devices in the September quarter.

– iOS6: Following its launch in September, iOS 6 is already on over 200 million devices.

– iTunes Store, which also includes music and video downloads, did $2.1 billion in revenue in the quarter, and offers over 20 million songs.

– App Store:  The App Store now offers more than 700,000 apps including over 275,000 apps specifically for iPad.

– Apple has so far paid $6.5 billion cumulative to app developers. $1 billion was paid to developers in the last quarter taking into account $5.5 billion cumulative payments till last quarter.

– iCloud:  Apple’s cloud service, iCloud, has 190 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 100% year-over-year, and it brings its fiscal year to 5 million units.

– The company has $121.3 billion in cash at end of September, compared to $117.2 billion at end of the last quarter, an increase in $4 billion.

Targets for Next Quarter

For the next quarter, Apple expects revenues of $52 billion, and diluted earnings per share of about $11.75.

Release | Conference Call Transcript on Seeking Alpha

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