Filed under: Apple Financial
Apple reports 2009 Q3 earnings: $8.34B in revenues, profit of $1.35 per share
For the quarter just completed, Apple reported 8.34 billion dollars in revenue, and earnings of $1.35 per share (versus the $1.17 consensus estimate). 2.6 million Macs sold, 10.2M iPods, 5.2M iPhones, 36.3% margins. Guidance for the next quarter is $1.18 to $1.23 per share (all via CNBC). "Best non-holiday quarter ever," says the company.Full press release below. See you all back here at 2pm PT/5pm ET for our liveblog of the analyst conference call. Note that we will be listening to the call and cannot ask questions (much as we might like to!).
Apple Reports Third Quarter Results
Best Non-Holiday Quarter Revenue and Earnings in Apple History
CUPERTINO, California-July 21, 2009-Apple® today announced financial results for its fiscal 2009 third quarter ended June 27, 2009. The Company posted revenue of $8.34 billion and a net quarterly profit of $1.23 billion, or $1.35 per diluted share. These results compare to revenue of $7.46 billion and net quarterly profit of $1.07 billion, or $1.19 per diluted share, in the year-ago quarter. Gross margin was 36.3 percent, up from 34.8 percent in the year-ago quarter. International sales accounted for 44 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 $9.74 billion of "Adjusted Sales" and $1.94 billion of "Adjusted Net Income."
Apple sold 2.6 million Macintosh® computers during the quarter, representing a four percent unit increase over the year-ago quarter. The Company sold 10.2 million iPods during the quarter, representing a seven percent unit decline from the year-ago quarter. Quarterly iPhones sold were 5.2 million, representing 626 percent unit growth over the year-ago quarter.
"We're making our most innovative products ever and our customers are responding," said Steve Jobs, Apple's CEO. "We're thrilled to have sold over 5.2 million iPhones during the quarter and users have downloaded more than 1.5 billion applications from our App Store in its first year."
"We're extremely pleased to report record non-holiday quarter revenue and earnings and quarterly cash flow from operations of $2.3 billion," said Peter Oppenheimer, Apple's CFO. "Looking ahead to the fourth fiscal quarter of 2009, we expect revenue in the range of about $8.7 billion to $8.9 billion and we expect diluted earnings per share in the range of about $1.18 to $1.23."
Apple will provide live streaming of its Q3 2009 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 July 21, 2009 at www.apple.com/quicktime/qtv/earningsq309/ and will also be available for replay for approximately two weeks thereafter.
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Reader Comments (Page 1 of 1)
Tom Miller said 4:53PM on 7-21-2009
Does anybody still believe that Apple legal called MS to complain about how those MS commercials were hurting sales????
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Rick said 4:54PM on 7-21-2009
So they beat estimates, best non-holiday quarter ever and stock is down $2? I will never understand wallstreet.
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Quinn Taylor said 4:57PM on 7-21-2009
I think very few rational people understand Wall Street. However, the press release was put out after the closing bell, so you'll probably only see upward motion tomorrow, or perhaps in after-hours trading.
inferno10 said 6:00PM on 7-21-2009
A quick glance at extended hours trading shows AAPL is at 158.43. It closed at 151.51. Can't wait to see what it'll be at the opening bell tomorrow!
mabhatter said 6:30PM on 7-21-2009
because stock price is like beanie babies now. It's not about hard work ethic and profits.. Apple DID the hard work.. past tense...there's no reward for that on Wall Street. It's about what the institutional investors can sell off their stock for NEXT quarter. Results are in, so the price goes down for a month as everybody cashes in on Apple's hard work.
Stock value has little to do with actual company health anymore, it's more about how they "promise" to be in the next quarter. That's why private run companies (like Google used to be, and why they pay the WS bitches so badly at times.) are trying to get off Wall Street because it's unhealthy for long term company interests... unless you're "too big to fail".
Stephen Lang said 7:44PM on 7-21-2009
It has nothing to do with beanie babies. Typically right before an earnings everyone already has certain expectations for the earnings report. If everyone already knew a great earnings report was coming, then people are of course buying and selling stock on that expectation. And many people were expecting somewhat favorable results based on the revised notebooks (tempered of course by the economy.)
The same exact thing happens every year at MacWord. It is common knowledge that Apple often introduces new products at MacWorld. So the stock often increases ahead of the actual show, based on runors and discussion. Inevitably the stock drops right after, because apparently some people will believe anything and expect too much. It's not a bad thing anyway, because the stock probably ran up 10% in the 2 weeks before the show, so it is net up anyway. Focus on the +/- of the stock over say the entire month (or quarter), not just on the 1 day of the show/special event/earnings report.
But as others have stated, in after hours trading the stock is up. The earnings report came after the bell anyway, so the day's performance is irrelevant as far as measuring the impact of the earnings report release.
Paul said 5:09PM on 7-21-2009
I wonder if we'll see a retraction/correction from IDC - http://arstechnica.com/apple/news/2009/07/apple-market-share-up-or-down-depending-on-who-you-ask.ars
IDC claimed a 12.4% drop in Mac shipments over the year.
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Rask said 7:07PM on 7-21-2009
Geez... 35% margins on hardware????
So of that 1299$ MBP, a full 450$ goes to line Apple's coffers...
If Apple only took a modest 5% margin on that same hardware, you would be paying 849$ for that same laptop...
Food for the fanboy thought..
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Just Cause said 7:15PM on 7-21-2009
And be losing money, margin is just over operational costs. Doesn't include R&D, Tech Support , bad graphics cards from Nvidia, etc
Rask said 7:17PM on 7-21-2009
I can see Apple Care money being used towards those purposes.. What's the % of people that buy Apple products and don't get Apple Care?
Just Cause said 7:28PM on 7-21-2009
At a company I work for, a single Tech Support phone contact costs on average $70, then you add it those who call repeatedly, etc. Anything under 20-25% margins I'd be scared, plus you'd get something that looks like a Dell, HP or Gateway, etc
Samuel said 8:15PM on 7-21-2009
1 Chinese man dead and many more not paid properly. Hurray for profits..
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Fernando said 8:54AM on 7-22-2009
Capitalism at it's best!
Josh said 5:21PM on 7-22-2009
Amazing! Halfway through the year, they already know the 3rd quarter results!
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Michael Rose said 5:35PM on 7-22-2009
Apple's financial year is 3 months ahead of the calendar year.