“Apple Computer Inc. on Wednesday posted a 41 percent increase in quarterly profit that beat Wall Street targets and said sales of its highly successful iPod digital music player topped 8.5 million,” Duncan Martell reports for Reuters. “Apple also issued a forecast that was below current expectations, but its shares rose nearly 5 percent as analysts said that the company was being conservative, some investors were covering short positions and that its gross profit margin was strong.”
“Apple, also the maker of Macintosh computers, said net income for its second fiscal quarter ended April 1 rose to $410 million, or 47 cents per share, from $290 million, or 34 cents per share, in the year ago period. Revenue rose 34 percent to $4.36 billion from $3.24 billion,” Martell reports. “Analysts had expected a net profit of 42 cents per share and a profit of 43 cents per share before items, on average, on revenue of $4.50 billion, according to Reuters Estimates.”
“For the current quarter, Apple said it expects earnings per share in a range of 39 cents to 43 cents on revenue of $4.2 billion to $4.4 billion. Analysts currently expect earnings per share of 47 cents, on average, on revenue of $4.72 billion. ‘They exceeded what they guided to pretty significantly,’ said Shannon Cross, analyst at Cross Research. ‘I would imagine they are going to do that again next quarter, which most people expect will be the low’ during the transition to Intel Corp. microchips,” Martell reports.
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