Apple today announced financial results for its fiscal 2009 second quarter ended March 28, 2009. The Company posted revenue of $8.16 billion and a net quarterly profit of $1.21 billion, or $1.33 per diluted share. These results compare to revenue of $7.51 billion and net quarterly profit of $1.05 billion, or $1.16 per diluted share, in the year-ago quarter. Gross margin was 36.4 percent, up from 32.9 percent in the year-ago quarter. International sales accounted for 46 percent of the quarter’s revenue.
In accordance with the subscription accounting treatment required by GAAP, the Company recognizes revenue and cost of goods sold for iPhone and Apple TV over their estimated economic lives. Adjusting GAAP sales and product costs to eliminate the impact of subscription accounting, the corresponding non-GAAP measures for the quarter are $9.06 billion of “Adjusted Sales” and $1.66 billion of “Adjusted Net Income.”
Apple sold 2.22 million Macintosh computers during the quarter, representing a three percent unit decline from the year-ago quarter. The Company sold 11.01 million iPods during the quarter, representing three percent unit growth over the year-ago quarter. Quarterly iPhone units sold were 3.79 million representing 123% unit growth over the year-ago quarter.
“We are extremely pleased to report the best non-holiday quarter revenue and earnings in our history,” said Peter Oppenheimer, Apple’s CFO. “Apple’s financial condition remains very robust, with almost $29 billion in cash and marketable securities on our balance sheet. Looking ahead to the third fiscal quarter of 2009, we expect revenue in the range of about $7.7 billion to $7.9 billion and we expect diluted earnings per share in the range of about $.95 to $1.00.”
Wall Street analysts’ consensus expected earnings of $1.09 per share on $7.96 billion in revenue. At the start of the quarter, Apple had offered guidance of $0.90-$1 per share on revenue of $7.6 billion-$8 billion. For the quarter, analysts’ consensus expectations for total Mac shipments stood at 2.24 million units, iPod unit shipments of 10.8 million units, and 3.4 million iPhone units. Analysts were looking for gross margins of 33.3% where Apple had guided 32.5%.
For Apple’s fiscal third quarter 2009, Wall Street is expecting earnings of $1.12 per share on $8.28 billion in revenue.
In after-hours trading, Apple (AAPL) is currently up $3.35, or 2.76%, to $124.86 per share.
MacDailyNews Take: Recession proof.