Apple today announced financial results for its fiscal 2007 third quarter ended June 30, 2007. Apple posted revenue of $5.41 billion and net quarterly profit of $818 million, or $.92 per diluted share. These results compare to revenue of $4.37 billion and net quarterly profit of $472 million, or $.54 per diluted share, in the year-ago quarter. Gross margin was 36.9 percent, up from 30.3 percent in the year-ago quarter. International sales accounted for 40 percent of the quarter’s revenue.
Apple shipped 1,764,000 Macintosh computers, representing 33 percent growth over the year-ago quarter and exceeding the previous company record for quarterly Mac shipments by over 150,000. The company also sold 9,815,000 iPods during the quarter, representing 21 percent growth over the year-ago quarter. Apple did not release an exact number of iPhones sold. Apple stated the company sold 270,000 units of “iPhone (4GB and 8GB models combined) and related products and services” which “consists of iPhones and Apple-branded and third-party iPhone accessories” in less than two days of quarter.
“We’re thrilled to report the highest June quarter revenue and profit in Apple’s history, along with the highest quarterly Mac sales ever,” said Steve Jobs, Apple’s CEO, in the press release. “iPhone is off to a great start — we hope to sell our one- millionth iPhone by the end of its first full quarter of sales — and our new product pipeline is very strong.”
“We are very pleased to report strong financial results including cash flow from operations exceeding $1.2 billion for the quarter,” said Peter Oppenheimer, Apple’s CFO, in the press release. “Looking ahead to the fourth fiscal quarter of 2007, we expect revenue of about $5.7 billion and earnings per diluted share of about $.65.”
Apple will provide live streaming of its Q3 2007 financial results conference call utilizing QuickTime, Apple’s standards-based technology for live and on-demand audio and video streaming. The live webcast will begin at 2:00 p.m. PDT on Wednesday, July 25, 2007 here and will also be available for replay.
MacDailyNews Note: Analysts’ consensus estimates for Apple’s 3rd fiscal quarter expected revenue of $5.28 billion and net income of $645.6 million, or 72 cents per share, up from $472.0 million, or 54 cents per share, for the year-ago period. Apple CFO Peter Oppenheimer’s guidance for Q3 07 expected “revenue of about $5.1 billion and earnings per diluted share of about $.66.”
5:28pm EDT: In after-hours trading, APPL shares stand at $144.83, up $7.57 from their $137.26 closing price.
Apple’s recent earnings and unit sales information:
2007:
• Q3 (ended 06/30/07): revenue $5.41 billion, net profit $818 million, 1.764 million Macs, 09.815 million iPods
• Q2 (ended 03/07/07): revenue $5.26 billion, net profit $770 million, 1.517 million Macs, 10.549 million iPods
• Q1 (ended 12/30/06): revenue $7.10 billion, net profit $1 billion, 1.606 million Macs, 21.066 million iPods
2006:
• Q4 (ended 09/30/06): revenue $4.84 billion, net profit $546 million, 1.610 million Macs, 08.729 million iPods
• Q3 (ended 07/01/06): revenue $4.37 billion, net profit $472 million, 1.327 million Macs, 08.111 million iPods
• Q2 (ended 04/01/06): revenue $4.36 billion, net profit $410 million, 1.112 million Macs, 08.526 million iPods
• Q1 (ended 12/31/05): revenue $5.75 billion, net profit $565 million, 1.254 million Macs, 14.043 million iPods
2005:
• Q4 (ended 10/11/05): revenue $3.68 billion, net profit $430 million, 1.236 million Macs, 06.451 million iPods
• Q3 (ended 07/13/05): revenue $3.52 billion, net profit $320 million, 1.182 million Macs, 06.155 million iPods
• Q2 (ended 03/26/05): revenue $3.24 billion, net profit $290 million, 1.070 million Macs, 05.311 million iPods
• Q1 (ended 12/25/04): revenue $3.49 billion, net profit $295 million, 1.046 million Macs, 04.580 million iPods
2004:
• Q4 (ended 09/25/04): revenue $2.350 billion, net profit $106 million, 836,000 Macs, 02.016 million iPods
• Q3 (ended 06/26/04): revenue $2.014 billion, net profit $61 million, 876,000 Macs, 860,000 iPods
• Q2 (ended 03/27/04): revenue $1.909 billion, net profit $14 million, 749,000 Macs, 807,000 iPods
• Q1 (ended 12/27/03): revenue $2.006 billion, net profit $63 million, 829,000 Macs, 733,000 iPods
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“$21.37x$12.98= $277.38
Did I do that correctly?”
It depends what you’re trying to do. if it’s value a company in a brainless and non meaningful way, you succeeded admirably.
If it’s to make a meaningful comment about the value of Apple’s stock, sorry no.
Arcane, yet potentially interesting, titbit number 2.
Apparenly Apple is taking all of the costs for an iPhone in the relevant trading quarter, but spreading the income over eight periods. By my reckoning, if you assume a 25% gross margin, it would take about six quarters for the real profitability of a customer to kick in, although – if you take into account the alleged network commissions – that figure could be pulled forward to about four quarters.
In other words, Apple won’t actually start to see a real profit from the initial 270,000 customers until December 2008; in effect, these new rules create a gigantic forward-looking savings fund for Apple.
@octobermac
Thanks for the info, Don’t worry, I am a very little investor, started buying 2,000usd a month last February , in for the long haul, have one more kid in 3rd year of University, when she gets out, hope to double our monthly investment,
Sorry RDF.
Resistance is futile. YOU will be assimilated.
VISTA was a great! … Err… something?
Puny Nokia has only sold a billion cellphones, Apple will have sold more than a billion iPhones by the end of 2007
BTW. Nokia 1100 was the last Nokia phone that was easy to use.
MDN Magic Word: happened… What the f**k happened?
Was anything mentioned about the appleTV?? I believe thats a sleeper, get movie rentals, and off it will go
“Apparenly Apple is taking all of the costs for an iPhone in the relevant trading quarter, but spreading the income over eight periods.”
More likely Apple is spreading the revenue and the costs.
I, for one, hope the iPhone has just average sales. I like having a device that isn’t dime-a-dozen. Although 270K units in 30 hours in such a mature market with hundreds of models to choose from is impressive. Macs will be Macs, that marketshare will always be small. Leopard will blow away Vista as the iPhone has done to WM5 and even WM6, which both have a UI that looks like it’s from the early 90’s. But it still won’t be enough for a mass conversion.
Who cares about units sold or marketshare as long as Apple is profitable and churning out killer products that induce a lot of chair throwing activity in Redmond. Remember, the computer industry, consumer electronic industry and now the mobile phone industry all need a good R&D department, known as Apple.
What has MS stock done in the past five years? Almost nothing.
“Was anything mentioned about the appleTV?? “
Yes, they declined to comment on how many were sold even when pushed to. Given that they commented on how many of everything else was sold, that should tell you just how well Apple TV is doing.
If it is true that the stock is up to $150, we have indeed overtaken HP and then some.
Next target, IBM.
I think $177 would probably bring us in line with IBM, if their stock does not change till we get their.
At this rate, we will be there when the next quarterly report comes out.
Can you imagine the historical significance of overtaking IBM in market cap?
“Sorry RDF.
Resistance is futile. YOU will be assimilated.”
How many Borg costumes do you own?
Seriously, Apple hardware has been assimilated (now except for industrial design, the same as WinTel PCs)
You can barely find a Mac user who isn’t running Windows under Parallels or Boot Camp.
Who again is being assimilated?
I think that’s 270,000 iPhones PLUS accessories, not iPhones alone. Also, comparing sales of the iPhone to the little rinky-dink phones is just silly. You need to compare sales to the smart phone market.
Don’t forget- the iPhone hasn’t been released in other countries yet!
At the end of after-hours trading Apple’s market cap stood at 128 billion, and HP ended up its day at 124.5 billion. Tomorrow I think we’ll officially pass HP.
Next will be IBM.
Poor ole Dell, left in the dust.
Hey guys, sorry I’ve been away, I’ve been busy swimming in champaign and snorting coke off of supermodels. Did I miss anything important? =)
I kid (or do I?). Since I’d been saying “150 by earnings” and “91¢”, allow me this brief moment of hubris…
I WIN SUKKAHZ!!!!
Thank you.
-c
P.S. oh, looks like my stock went up a bit too… =)
“Vista has already sold more units than all Macs ever sold.”
Funniest thing I’ve read today. However, my post-surgery meds could be a factor. Mmmmm, Dilaudid, strong stuff.
Too Gold!
Yes. Taking IBM is evident… Taking down M$ will be FUN!
Chairstorm coming!
Too Hot: I probably wouldn’t have posted my post if I had seen your post. Missed it.
Trolls, where are you?
“Can you imagine the historical significance of overtaking IBM in market cap?”
About the same as AOL becoming bigger than Time Warner?
Or Internet companies becoming bigger then old line bricks and mortar companies?
Or tulip bulbs selling at huge premiums in Holland in 1634?
or the South Sea Company bubble of 1711?
Some people just never learn from history.
If it seems overvalued compared to other much less ethereal businesses, it probably is.
Except…
Sorry, but you’re wrong – there’s a very clear statement in the last ten minutes (the only bit I got to listen to, as Heroes was kicking off on the BBC tonight) of the conference call in response to a question,
Freescale, IBM, Intel, NVIDIA and AMD and several other “processor” companies were assimilated to produce parts to the products that are designed in California.
MDN Magic Word: nuclear… Heehee
Apple is just spreading it wings Imagining. Apple lost the first revolution of the computers. Apple will not lose the second one.
so, the other day on thestreet.com Scott Moritz said that the iPhone “sales” were bad and the iPhone stumbled out of the gate.
I emailed him this afternoon congratulating him on not reading between the lines and realizing that activations didn’t equal sales. I asked him if I could get a job there too since it seemed so easy and obviously required no credentials.
His response:
Thanks Shaun. Sure.
(He probably spelled my name wrong on purpose)
Funny shit.
“Apple will not lose the second one.”
Good to hear. It’ll be interesting to see when Apple starts making waves (That is to say solid, consistent, world leading sales, not hype and future expectations) in any market area other than iPods.